Lagos Real Estate Briefing - 2026-03-30

Lagos Real Estate Briefing - 30 March 2026

The mood in Lagos property right now is best described as cautiously confident. After a bruising couple of years marked by naira turbulence and sky-high inflation, the fundamentals are finally starting to line up again - inflation has retreated to around 16% from a peak north of 34%, the currency has held around ₦1,400 - 1,500 per dollar, and foreign direct investment in Nigerian real estate hit $1.8 billion in 2025, the highest annual figure in five years. That doesn't mean everything is rosy - construction costs are still punishing and mortgage rates remain in the 20 - 30% range - but savvy money is moving, and it's moving with more conviction than it has in a while.

1. New Project Launches

-Lagos State Government 2026 housing push:Commissioner for Housing Moruf Akinderu-Fatai confirmed the government will prioritise completing three major schemes in 2026 -Sangotedo Phase II,Egan-Igando Clusters II and III, andIbeshe Phase II- as part of Governor Sanwo-Olu's THEMES Plus agenda. The administration has already delivered over 12,000 units in six years, but the state's deficit stands at an estimated three million units, so this remains a drop in a very large bucket.Source: Nigeria Housing Market

-Renewed Hope Housing Programme:Roughly 2,000 units under this federal initiative are nearing completion inIbeju-Lekki, positioned to serve the mid-income bracket in one of Lagos's fastest-growing corridors. The MOFI Real Estate Investment Fund is also now offering long-term housing loans at 9.75%.Source: The Guardian Nigeria

-Private sector pipeline:Top private developer by active project count isHomework Groupwith 16 tracked projects, followed byDeluxe Residences(10 ongoing),Megamound(8), andLandwey(8). Landwey's flagshipAudacity Skyline- a 100-unit tower at Eko Atlantic - targets 2027.Arkland Propertiesis building thePhoenix Tower(122 units) at Eko Atlantic.Source: Estate Intel

2. Foreign Buyer Policies

-No new restrictions:As of March 2026, there are no new foreign-ownership restrictions in Lagos or at the federal level. Nigeria imposes no foreign ownership quota on residential property. The Land Use Act means buyers acquire "rights of occupancy," and Lagos law caps foreign terms at25 yearswithGovernor's Consentrequired.Source: The Africanvestor

-Nigeria Tax Act 2025 in effect:The consolidated tax law came into force on1 January 2026, formalising property transaction documentation requirements. Foreign buyers should verify stamp duty and withholding tax rules with a local lawyer.Source: The Guardian Nigeria

-No golden visa pathway:Property purchase in Nigeria does not confer residency rights.Source: The Africanvestor

-Diaspora increasingly active:UK (~35% of FDI), US (~25%), and UAE (~15%) buyers are using Lagos real estate as a wealth-preservation vehicle. Diaspora capital forecast to grow 20 - 30% in 2026, but buyers demand title security and professional management.Source: Nigeria Real Estate Blog

3. Market Trends & Pricing

-Prices up 15% year-on-yearacross prime Lagos locations in nominal naira terms. Median house price city-wide is roughly₦230 million (~$148,000). Growth has slowed from the 39.5% surge in 2024; in real inflation-adjusted terms, appreciation is closer to flat or slightly positive.Source: The Africanvestor

-Short-let market delivering 24% average net yieldin Q1 2026. Lekki Phase 1, Ikoyi, and Victoria Island prime zones hit26 - 32% netat 85 - 95% occupancy. Nightly rates in Lekki Phase 1: ₦65k - ₦120k. Mid-market Yaba/Surulere: 18 - 24% net yield.Source: Nigeria Real Estate Blog

-Traditional rents up 12 - 18%vs. January 2025. Mid-market units in Yaba, Lekki Phase 1, and Ikeja are letting within 2 - 6 weeks. Luxury segment vacancy: 10 - 18%. Mid-market vacancy: 5 - 10%.

-Knight Frank's split market reading:Buyer-leaning for mid-to-upper segments where affordability is stretched; seller-leaning for prime properties with clean titles and good infrastructure access.Source: The Guardian Nigeria

-FDI at a five-year high:$1.8 billion in Nigerian real estate in 2025. Logistics/warehousing led at 40%, mixed-use 30%, residential 30%.Source: Nigeria Real Estate Blog

4. Infrastructure & Development News

-Lagos-Calabar Coastal Highway:Phase 1, Section 2 secured$1.26 billion in financing in December 2025and construction is in full swing. Properties within 5km of the route are seeing25 - 40% price appreciationyear-on-year. Land in Ibeju-Lekki that sold at ₦15M in 2024 now commands ₦25M+. The 47.47km Phase 1 from Victoria Island to Eleko is approaching completion.Source: The Africanvestor

-Fourth Mainland Bridge:Now targeting2027, not 2026. CCECC-CRCCIG Consortium is named preferred bidder but construction hasn't started. Corridor properties are pricing in future upside - treat as a medium-term catalyst.Source: Vanguard News

-Lekki Deep Sea Port & Alaro City:TY Logistics Park FZEhas opened a 29,000 sqm Grade A logistics hub in Alaro City with advanced automation. Prime industrial rents in port-adjacent corridors: $4.0 - 6.5/sqm.Source: The Guardian Nigeria

-Rail and peripheral growth:Lagos Rail Mass Transit expansion is drawing buyers toward mainland corridors. Ikorodu, Ibeju-Lekki, and Epe are the fastest-absorbing residential zones as tenants migrate from expensive island areas.Source: The Guardian Nigeria

5. Notable Developer Activity

-Mixta Africa (Mixta Nigeria):308-hectare Lakowe new town district (Lakowe Lakes Golf and Country Estate, Beechwood Park, Marula Park, Adiva Plainfields) continues to attract buyers, with interest up 10 - 20% driven by Dangote Refinery and Lekki Deep Sea Port proximity. Lakowe Heights (22 units) is under implementation.Source: The Guardian Nigeria

-Landwey:8 ongoing projects, all on the Island. FlagshipAudacity Skylineat Eko Atlantic (100 units) is in the conceptual phase, targeting 2027.Source: Estate Intel

-Grenadines Homes (Palton Morgan subsidiary):Skyvillain Ikoyi (24 units, under construction),Claren Villas, and the 17-floorOceanna (Cerulean)mixed-use tower in Oniru - all active.Source: Estate Intel

-Arkland Properties:Phoenix Towerat Eko Atlantic (122 units) is under construction, alongside projects in Victoria Island, Banana Island, and Ikoyi.Source: Estate Intel

-Homework Group:Leads all Lagos developers with16 active projectsacross residential and retail.Source: Estate Intel

-Godmade Homes:Redemption Towersin Gbagada (84 units, under construction) and Connect Court developments in Ikate Elegushi and Gbagada are active.Source: Estate Intel

*Sources: Knight Frank Nigeria H2 2025 Lagos Market Update, Nigeria Real Estate Blog, The Guardian Nigeria, The Africanvestor, Nigeria Housing Market, Estate Intel. All pricing in Nigerian Naira unless otherwise noted.*