On April 28, 2026, the Lagos State Lands Bureau (the “Lands Bureau”) (the agency responsible for land administration in Lagos State) convened a stakeholder’s engagement forum on the framework for Fair Market Value of real properties in Lagos State.
At the event, the Lands Bureau confirmed to the stakeholders that it had concluded (and duly gazetted) its review of the document detailing Fair Market Value of real properties in Lagos State (otherwise known as the Blue Book), which was last reviewed in 2021. The newly revised Blue Book takes effect on May 1, 2026, and is expected to determine the rates for assessing statutory fees payable in respect of real estate transactions in Lagos State, including but not limited to Governor’s consent fee, stamp duties, registration fee, capital contribution, premium, etc.
By way of quick background, the Blue Book was first launched in 2015, under the administration of His Excellency, Mr. Babatunde Raji Fashola, SAN, to standardize the system of valuation of properties in Lagos State and improve transparency and efficiency in determining the value of properties in Lagos State. The Blue Book provides a detailed schedule of Fair Market Value for properties across the State, classifying properties by location, status of development (whether bare land or developed) and types of development, including detached buildings, semi-detached buildings, bungalows, terraces and flats.
The 2026 revision has been effected in line with the Lands Bureau’s determination to review the Blue Book every five (5) years in a bid to reflect current economic realities, strengthen the real estate market and increase revenue for the State. Nonetheless, the Lands Bureau has indicated that all applications submitted before the commencement date (May 1, 2026) will be assessed based on the rates contained in the 2021 version of the Blue Book.
For more information on this subject, please do not hesitate to reach out to us through: propertyteam@banwo-ighodalo.com
