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How much it costs to be a landlord in Lagos

ONE of the basic needs of man is shelter.  And to feel more comfortable and respectable, you need to build a house to call your own.  But this has become increasingly difficult this time around, especially in Lagos State where the cost of land is usually skyrocketing.

However, an average person who does not need to go to highbrow areas like Banana Island, Lekki, Victoria Island, Ikoyi and others before becoming a landlord in Lagos, ENCOMIUM Weekly’s findings have revealed that with between N10 million to N20 million, one can conveniently erect a bungalow of two or three bedroom depending on the location.

According to building construction experts and estate developers, the components of building a solid structure in Lagos and other states in Nigeria include cost of land, survey, Approved Building Plan, Certificate of Occupancy (C of O), all vary from place to place, depending on the valuation of the land.

However, if one needs to acquire a building sitting on a plot of land in Lagos State, the cost also depends on the location and the purpose for which the structure is meant for.

One of the property and estate developers ENCOMIUM Weekly spoke to, Mr. Obi Uzor of Obi and Co. Properties, told us that a plot of land in Ogba ranges from N10 m to N30 m, while the prices in other areas, including Abule Egba, Agege, Alimosho, Fagba, Obawole are a little lower than what obtains in Ogba axis.  For instance, Mr. Obi disclosed to us that a plot of land in Obawole, an outskirts of Ifako-Ijaiye, is as low as N5 m, while one can also conveniently find a N7 m or N8 m plot of land in Fagba area.

“To start with, if you want to be a landlord in Lagos, it’s not an easy task.  It involves a lot of things that so many people don’t understand.  First, you need at least half plot or one to build a reasonable shelter for yourself as an average man.  For instance, in Ogba here, you can’t get a plot of land below N10 m.  It even depends on the structure on it.  Basically, land goes for between N25 m and N30 m.  But in Obawole, you can still find land at a lower rate than that of Ogba.

“Also, in Agege, Abule Egba, Alimosho areas, we still have land at N8 m to N10 m or more depending on the property on them.  As it is right now, hardly could you get a vacant land in most of these areas I have mentioned.  But in Ikeja, Ojodu and Maryland areas, the price of land is higher.  The least you can get a plot is N20 m now.

“Then when you talk of other components – Approved Building Plan, Survey, C of O and land owners fee and other miscellaneous costs – they all vary from place to place.  Generally, Approved Building Plan depends on the valuation of the property or land involved.  For instance, in Ogba and its environs it is not less than N300,000, while the cost of survey is N200,000.  But C of O seems to be the most difficult to state categorically.  It may shoot up to N3 m because it involves a lot of other levies you will have to pay before you can be issued a C of O.

“Ordinarily, if you have N5 m or a little more as cost of building materials and contractor’s fee, you will erect a 3-bedroom bungalow in any of the areas mentioned.  Although, everything depends on taste and standard.  But for a middle class man, that’s okay.

“So, if we add up all the above cost, including the cost of the land, one can become a landlord in Lagos with even less than N20 m.”

Another property and estate developer, Engineer Keshinro corroborated the submission.  He said, “The cost of land should be considered first and that varies from place to place.  You can’t compare a plot of land in Ojodu/Berger area with what obtains in Lekki/Ajah axis.

“Also, there is a wide difference between the price of land in Surulere and Alimosho areas.  The same thing goes for Agege and Abule Egba, Agbado Ijaiye.  Land is more expensive in Surulere than Alimosho.  The land in Ikeja area is in close competition with that of Surulere.  You can’t find a plot of land less than N30 m now in Surulere, no matter the location, almost the same with what obtains in Ikeja axis.  One cannot say specifically the highest amount a plot of land costs generally, it depends on the owner and the location of the land.

“But all other aspects involved are also very costly, and they also vary from place to place.  The cost of running a survey on a plot of land in Lagos goes between N250,000 and N350,000 depending on the location, except in some interior areas of the state where it’s a little cheaper.  But approval for any building in Lagos depends on negotiation.  You can’t afford to pay everything because it attracts a lot of reasonable and unreasonable charges.  The final one which is the most expensive is the C of O.  It’s as high as N3 m.  And if you’re not very careful, you may pay it into a wrong account.  It’s because of this outrageous fee being paid for the C of O that most people are moving to Ogun State.  A lot of people who are landlords in Sango, Ifo, Mowe, Ibafo areas are from Lagos State.  Most of them work here in Lagos.  The C of O in Ogun State is a little above N100,000 and you can’t pay up to N50,000 for survey.

“So, if you want to be a landlord in Lagos, the minimum it will cost you is N15 m or thereabout.”

Also, Mr. Sunday, a surveyor and estate valuer from Ikorodu analysed, “Yes, acquiring a land anywhere in Lagos attracts varying prices.  It all depends on location.  Also, the cost of surveying and approval are not uniform.  They also depend on the zone.  For instance, Lagos State is divided into five zones – Zone A, B, C, D and E.  And each of these zones has its own valuation in terms of the cost of the land.

“For instance, in Ikorodu, as an average man you can get a plot of land for as low as N300,000 or N500,000, whereas in that same Ikorodu, you can get a plot of land for N5m, N10m upward depending on the location.

“But when talking of the amount you’re paying for land surveying, it’s N120,000 without the consent fee.  But if it’s an area where that should be included, the owner has to pay N20,000 additional making N140,000.  In case of Approved Building Plan, that varies, it depends on the location of the land and the valuation of the property you’re talking about.

“In Ajeromi Ifelodun, Okokomaiko, Ajangbadi, Iba, Ojo, Oko Afo, Iyana Ishasi, land is comparatively cheap in all these areas.  You can find a N500,000 or N1m plot of land.  The most difficult thing in Lagos still remains obtaining the C of O, and that doesn’t have any specific amount.  It depends on how you go about it.  All the prices they pasted at the Ministry of Lands and Surveying, Alausa are not reliable.  If you’re not careful you will even pay double the amount.

“But on the average, if you have between N10 m and N20 m, you will build a solid 4-bedroom bungalow with a parking space that can accommodate at least four cars.


“However, if you’re the type that has a high taste and you want to be a landlord in Lekki-Ajah axis, you can’t get a plot of land less than N20 m in a good location in Ajah.  But land is more expensive in Lekki, you can get N40m or N50m land.  Also, a duplex can go for as high as N70m or thereabout.”




–               TADE ASIFAT

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