If you’ve ever tried to buy, sell or even just price a property in Lagos, you know one thing: valuation can be a rollercoaster. One minute, a land surveyor tells you your plot is worth ₦50 million. The next, a different expert says, “Oga, this land no pass ₦30 million.” Meanwhile, your neighbor swears he sold his own for ₦70 million just last week.
This confusion isn’t just frustrating, it can cost you millions. So, how do you navigate Lagos’s chaotic property valuation landscape without losing your mind (or money)? Let’s break it down.
Why Is Property Valuation in Lagos So Complicated?
Lagos is a unique beast when it comes to real estate. Here’s why:
No Standard Pricing System: Unlike developed cities where real estate data is publicly available, Lagos relies heavily on word-of-mouth, personal connections, and “what I heard last week.”
Speculative Pricing: Everyone wants to make a profit, and some sellers inflate prices just because they “feel” their land is worth more.
Government Policies and Taxes: Land use charges, development levies, and changing policies affect property values unpredictably.
Infrastructure Differences: Two streets apart, the value of land can be drastically different just because one has better roads, drainage, or access to power.
Title Issues: If a property doesn’t have the right documents (like a Certificate of Occupancy), its valuation drops significantly.
Now that you’ve understood the problem, how can you solve it?
Work with Professional Valuers, Not Just “Agents”
See, some Lagos property agents are just hustlers looking to make quick money. They’ll inflate prices to get higher commissions or tell you whatever they think you want to hear. Instead, work with a registered estate valuer, someone who follows professional standards and uses real data to determine property worth. The Nigerian Institution of Estate Surveyors and Valuers (NIESV) is a good place to find credible professionals.
Compare Multiple Sources
Don’t rely on just one person’s opinion. Check recent sales in the area (if your neighbour’s land is sold for ₦50 million, yours should be close). Talk to at least three different valuers or surveyors. Check online real estate platforms like PropertyPro, Private Property, or Nigeria Property Centre for listed prices in similar locations. Also keep in mind that some online prices are inflated for negotiation purposes.
Consider the Impact of Infrastructure and Development Plans
Lagos is expanding fast. A property that’s currently in an undeveloped area could skyrocket in value once a major road or bridge is built. Areas like Ibeju-Lekki, Epe, and Badagry were once overlooked but are now prime real estate zones.
Before finalising a valuation, check ongoing or planned government projects (e.g., road expansions, train stations, or new commercial districts) and nearby commercial or residential developments because a new mall or estate can push property prices up.
Verify Title Documents Before Valuation
The kind of title a property has can significantly affect its valuation. A land with a Certificate of Occupancy (C of O) is worth more than one with just a Deed of Assignment. Meanwhile, if the land is under government acquisition, it’s practically worthless until the issue is resolved.
Before valuing a property, check its documentation with the Lagos State Land Bureau and if there are title disputes, get a lawyer involved early.
Factor in Hidden Costs
Many buyers and sellers focus only on the price of land, forgetting about additional costs like Survey fees, governor’s consent, agency and legal fees, Land Use Charge and other government levies. These extra expenses can significantly affect the final value of a property.
Be Wary of “Hot Deals”
If someone tells you a land worth ₦100 million is going for ₦50 million “because of an emergency,” be very suspicious. It could be a land grab issue (where multiple people are claiming ownership) or Omonile problems (where local landowners sell the same plot multiple times) or a legal dispute (which could tie you up in court for years). Always conduct thorough due diligence before jumping on a “too-good-to-be-true” deal.
Think About Future Value
One of the biggest mistakes buyers make is focusing only on present value. Ask yourself questions like: Will this land be more valuable in 5-10 years? Is it located in an area where big investors are moving? Are there any planned government or private sector projects nearby?
Investing with a long-term perspective can help you make smarter valuation decisions.
***
Feature Image by Ben Iwara for Pexels
