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Real Estate

Real Estate

Lagos is experiencing a huge boom in population and as such requires more housing

Lagos accounts for over 22.5% of all real estate activities in Nigeria

Trade Incentives

Lagos State is willing to offer these incentives to encourage investment in the housing sector:
» Subsidizing statutory fees for PPP participants
» Fast-tracking the issuance of land titles, to enable investors obtain funding quicker

Tax related incentives also include:
» Zero tax on rental income during pioneer period
» Pioneer status incentive when certain requirements are met.
» Capital gains from property disposed within 3-5 years is not subject to tax


Tax

» CGT – 10%
» WHT- 10%
» Stamp duties – 2%

Property Levy:
» Residential – 0.5%
» Malls – 1.25%
» Industrial – 0.5%


Regulatory Bodies

» Federal Ministry of Lands, Housing and Urban Development
» Federal Housing Authority
» Lagos State Real Estate Transaction Department
» Real estate Developers Association of Nigeria
» Nigerian Institute of Estate Surveyors and Valuers