The asking prices you see online are not necessarily sale prices. Some listings are stale, aspirational or for properties with different title and condition. To set a credible asking price, compare like with like and make the property's strengths and limitations explicit.
Build a comparable set
Collect recent listings and, where a trusted local professional has them, verified transactions from the same micro-location. Compare plot size, usable floor area, road access, age, utilities, parking, title status, approvals and whether the property is vacant. A house on a paved road with reliable drainage may not be comparable to one a few streets away with poor access.
For each comparable, record the date, source, asking or confirmed sold status, differences and your adjustment. Do not average ten adverts blindly. Three well-explained comparisons may be more useful than a large list of unrelated properties.
Identify friction a buyer will price in
Missing documents, unresolved family consent, unfinished registration, tenant occupation, major repairs and ambiguous boundaries can reduce the pool of buyers and delay a mortgage-backed sale. The Land Use Act governs rights of occupancy and many transfers; have a lawyer organise the title chain before launch. In Lagos, the land portal offers searches and certified copies that can support due diligence.
Obtain a condition review and realistic repair quotations. Decide whether a repair is worth making or whether you will disclose it and price accordingly. Concealing a serious defect usually creates more friction when a buyer inspects.
Set a range and decision rule
Agree on a launch price, realistic negotiation range and minimum net proceeds after agency, legal, tax and holding costs. Review enquiry quality and viewing feedback after a defined period. Many views but no serious offers can signal price, presentation or document concerns; few views may signal distribution or poor photos. Adjust one variable at a time so you learn something.
Use local agents to gather market context and arrange viewings, but ask how each suggested price was supported. A valuation from a qualified independent valuer is sensible when the property is unusual, high-value, inherited or linked to financing. A price is stronger when a buyer can see why it is justified.
Sources
Official pages this guide relies on. Rules and fees change, so check the current version before you act.
- Land Use Act (lawsofnigeria.placng.org)
- Land portal (landonline.lagosstate.gov.ng)
Related reading: Writing a useful property listing · Questions buyers ask at viewings.