How foreigners can invest in real estate in Nigeria and Ghana: 2026 step-by-step guide

Foreigners can legally purchase real estate in both Nigeria and Ghana, but the rules, risks, and processes differ substantially between the two markets. In Nigeria, all land is technically vested in state governments under the Land Use Act of 1978, meaning foreign and domestic buyers alike hold a "right of occupancy" rather than freehold title -- a distinction that affects resale rights, financing, and dispute resolution. In Ghana, foreign nationals can hold leasehold title for up to 50 years under the 1992 Constitution and Land Act 2020. Both markets have active premium segments pricing in dollars or equivalent. Both also have well-documented land fraud problems that make legal due diligence non-negotiable. This guide walks through every step, from legal framework to taxes to finding agents, for both countries in 2026.

Can foreigners buy property in Nigeria? The quick answer

Yes, with one fundamental qualification: no one in Nigeria owns land outright. Section 1 of the Land Use Act 1978 vests all land in each state in the Governor, held in trust for Nigerians. The Supreme Court affirmed in Okoye v. Dumez Nigeria Ltd that the Act's benefits apply solely to Nigerians.

What foreigners acquire in practice is a long-term leasehold of up to 99 years through a Certificate of Occupancy (C of O), subject to Governor's Consent. This is the title document that confers the right of occupancy. Non-Nigerians cannot apply for a statutory right of occupancy directly, but they can acquire one by assignment (purchase) from a holder, with Governor's approval.

In Lagos State specifically, the Acquisition of Lands by Aliens Law defines an "alien" as any non-Nigerian individual or company not majority-owned by Nigerians. Foreigners may acquire land or an interest in land in Lagos only with the prior written approval of the Lagos State Governor. The exception: interests of less than three years, including renewal options, do not require consent.

Can foreigners buy property in Ghana? The quick answer

Yes, with a hard legal ceiling on tenure. Ghana's 1992 Constitution and the Land Act 2020 (Act 1036) prohibit non-citizens from holding freehold land. The maximum lease term for foreigners is 50 years. Ghanaian citizens can secure leases up to 99 years.

Within that 50-year leasehold, foreigners have full rights to the structures on the land: they can rent the property out, sell the leasehold interest, use it as collateral, and pass it through inheritance. Lease renewal at expiry is possible by negotiation with the landowner, but is not guaranteed.

The critical risk in Ghana: approximately 80% of all land is customary land -- held by traditional stools, skins, or family heads -- rather than government or fully private land. Customary land requires consent from the relevant traditional authority before a valid transfer can occur. This is the source of most of Ghana's land disputes.

Part 1: buying property in Nigeria as a foreigner

The purchase process in Lagos (step by step)

The process below follows Lagos State practice, which is the most active and well-documented market for foreign buyers. Other states follow similar procedures with different timing.

Step 1: Property search (1-3 months) Work with agents registered with LASRERA, the Lagos State Real Estate Regulatory Authority. LASRERA registration is not a quality guarantee, but it provides recourse if an agent engages in fraud. Verify that the property is not in a government acquisition zone -- land acquired by the government for public use where occupants may have no legal standing.

Step 2: Legal verification (1-2 months) Hire an NBA-licensed property lawyer, independent of the seller. The lawyer conducts a title search at the State Land Registry to verify the Certificate of Occupancy, check for existing liens or encumbrances, confirm there is no litigation on the property, and verify the seller is the registered holder rather than a family representative acting without authority.

Step 3: Negotiate and sign a Sale Agreement Once title is confirmed, negotiate the price and terms. The Sale Agreement (not yet the final deed) sets out the agreed terms.

Step 4: Obtain Governor's Consent (2-6 months) This is the step that most confounds foreign buyers. Any transfer of a C of O requires the Governor's Consent before the deed can be executed. The application goes to the State Ministry of Lands with property documents, buyer identification, seller's consent, a survey plan, and the Governor's Consent fee.

In Lagos, the process typically takes 3-6 months. In Abuja, 2-4 months. In both cases, the process is often longer in practice. The Governor's Consent fee is 1.5-3% of property value. This step cannot be skipped or done afterward -- executing a Deed of Assignment without Governor's Consent makes the transfer voidable.

Step 5: Deed of Assignment Once Consent is obtained, the Deed of Assignment is executed between buyer and seller, transferring the C of O to the buyer's name.

Step 6: Property registration (1-3 months) All documents are submitted to the State Land Registry. Registration fees are paid. A new C of O is issued in the buyer's name.

Total process time: 6-14 months in Lagos for a clean transaction. Disputed title, delayed Consent, or complex ownership structures add significantly to this timeline.

Transaction costs in Nigeria

Sources: ArrowHead Homes; The Africanvestor; Nigerian Stamp Duty official rates

Annual and exit taxes:

• Property tax: 0.4% residential / 0.6% commercial (in the Federal Capital Territory, Abuja); Lagos uses the Land Use Charge system with different rates
• Capital Gains Tax on sale: 10% for individuals; 30% for companies under the Nigeria Tax Act 2025
• Rental income withholding tax: 10% for non-resident recipients (final tax)

Lagos property prices by area (2025)

The table below gives price ranges for key Lagos investment areas. Prices in naira are converted at approximately ₦1,450 per USD, roughly the December 2025 exchange rate.

| | Victoria Island (average flat) | Flat | Median ~₦1.2B | ~$830K | Range ₦600M-₦4B | | Victoria Island (mid-range 3-4 bed) | Apartment/duplex | ₦450M-₦950M | $310K-$655K | | | Lekki Phase 1 | Various | ₦60M-₦250M | $41K-$172K | High demand area | | Lekki (terraced duplex, 4-bed) | Duplex | ~₦350M average | $240K | | | Ajah (terraced duplex, 4-bed) | Duplex | ~₦160M average | $110K | Fastest-growing area | | Eko Atlantic (2-bed condo) | Condo | USD-priced | $500K-$1.5M | Dollar market | | Land per sqm: Old Ikoyi | Land | ₦1.8M/sqm | $1,240/sqm | | | Land per sqm: Lekki Phase 1 | Land | ₦500K-₦1.2M/sqm | $345-$828/sqm | | | Land per sqm: Ibeju-Lekki | Land | ₦120K/sqm | $83/sqm | Fastest appreciating |

Sources: BeYourLandlord; Nigeria Housing Market; Africanvestor; Ripples Nigeria

Shortlet (Airbnb-style) rental yields in Ikoyi and Victoria Island run 10-15%, compared to 5-7% for long-term residential rentals in the same areas. Shortlet management companies operate in all three premium zones.

REITs as an alternative to direct ownership

Nigerian REITs allow investment in the real estate sector without going through the title and Consent process. Three REITs are listed on the Nigerian Exchange (NGX) and can be purchased by foreign investors through brokers with NGX access.

REITs are tax-exempt at the corporate level if they distribute 90% or more of profits. Minimum investment is approximately ₦5,000. Foreign investors access the market through international brokers with NGX access or directly through a Nigerian broker account.

Part 2: buying property in Ghana as a foreigner

Legal framework: what 50 years actually means

The 50-year maximum lease for foreigners is a constitutional constraint, not a regulatory one. It cannot be waived or extended beyond 50 years by contract or administrative action. When the lease expires, the land reverts to the landowner (stool, family, or private individual). The buildings and structures remain the lessee's property during the term.

Renewals are possible by negotiation at expiry. Many lease agreements include renewal clauses. But a renewal is a new contract, not a right, and the terms can change.

Foreigners own the buildings fully. They can mortgage them. They can sell the leasehold interest (the remaining years) at any time. They can sublet to tenants. The leasehold is a real property interest, not a license.

Ghana's land categories:

• State land (government-owned): cleaner title, faster registration
• Stool land (traditional chieftaincy): requires stool consent; roughly 60% of land outside major cities
• Skin land (northern Ghana equivalent): same consent requirements
• Family land: requires consent of family head; most common source of disputes in peri-urban areas
• Private land: simplest category; seller holds registered title

The purchase process in Accra (step by step)

Step 1: Engage a lawyer and agent A licensed Ghanaian property lawyer is not optional. In a market where 80% of high court cases involve land disputes, legal due diligence is the single most important cost you will incur. The lawyer should be independent of the seller, developer, or agent.

Step 2: Lands Commission title search The Lands Commission search is mandatory and is the central verification step. The Commission maintains the official Land Title Certificate registry. The search confirms whether the seller has registrable title, whether any encumbrances exist, and whether competing claims are on record. Get the search result in writing with the Commission's official stamp.

Step 3: Boundary survey A licensed surveyor confirms the property boundaries and obtains an authenticated site plan. Boundary disputes between neighbors, and between customary claimants and modern title holders, are extremely common. A survey eliminates ambiguity about what you are buying.

Step 4: Negotiate terms Agree price (often quoted in USD for premium properties), lease duration (maximum 50 years), payment structure, and any conditions. Price agreements in USD are common and legally valid. A Sale and Purchase Agreement formalizes the terms.

Step 5: Execute legal documents A Deed of Assignment or Lease Agreement is executed. For customary land, the consent of the stool or family head must be formally obtained and documented before the deed is signed.

Step 6: Register with the Lands Commission (3-6 months typical) After execution, the deed must be registered with the Lands Commission. Ghana has been reducing registration timelines -- the government target for late 2025 was 30 working days; the typical experience is currently 3 months. Unregistered leases are vulnerable to competing claims. Do not delay registration.

Step 7: Tax and utility transfers Pay stamp duty to the Ghana Revenue Authority. Transfer property rate accounts. Transfer water and electricity accounts.

Transaction costs in Ghana

Source: The Africanvestor; Eden Heights Ghana

Annual holding costs and exit taxes:

• Property rates (annual): GHS 500-3,000 for low-to-mid value homes; GHS 5,000-15,000+ for prime Accra properties
• Sales withholding tax: residents 3% on gross sale proceeds; non-residents 10% on gross sale proceeds
• Capital gains: 15% flat rate; exempt if the property is held for more than 5 years
• Rental income WHT: 8% for resident individuals on residential rental; 15% for non-residents

Ghana has 13 active double taxation treaties, including with the UK, Germany, Netherlands, and France. UK residents can reduce the rental WHT rate to approximately 7.5% under the Ghana-UK DTT. There is no active Ghana-US double taxation treaty as of early 2026.

Accra property prices by area (2025)

Prices are quoted in USD, as is standard practice in premium Accra neighborhoods. Exchange rate used: approximately GHS 11 per USD (February 2026).

Sources: Ghana Property Centre; Realtor.com International; Apartments.com.gh

Premium residential rental yields in Accra run 7-10% gross in USD terms for properties renting to expatriates, international NGO staff, and senior corporate tenants. These yields assume USD-denominated rents, which are standard in the Airport Residential, Cantonments, and East Legon premium segments.

Comparing the two markets: which is better for investors?

Sources: Mondaq/Resolution Law Firm; The Africanvestor; Holford Homes; Eden Heights Ghana

Nigeria has a longer maximum lease tenure (99 versus 50 years) and a deeper, more liquid residential market in Lagos. The REIT market offers a genuine liquid alternative to direct ownership. The capital gains tax for companies was raised to 30% under the Nigeria Tax Act 2025, which is high for commercial investors.

Ghana's transaction costs are lower, the cedi has recovered strongly in 2025, and many upscale Accra properties rent and sell in USD -- providing natural currency protection for dollar-based investors. The 50-year lease ceiling is a real constraint for long-term institutional investors. The mortgage market is more developed than Nigeria's.

Currency risk: naira vs. cedi for USD-based investors

Here is the part that diaspora and international investors most often underestimate.

The naira was ₦1,538 per dollar in January 2025 and ₦1,448 by December 2025 -- a modest recovery. But over 2023-2024, the naira depreciated approximately 70% against the dollar following the FX liberalization. An investor who bought a property in Lagos in 2022 valued at ₦100 million ($120,000 at then-rates) would have seen the dollar value of that property fall to roughly $65,000 by mid-2024 before partially recovering. Properties priced and rented in naira carry this risk.

Dollar-priced properties in Eko Atlantic and some Ikoyi and Victoria Island prime developments hedge this risk but require FX approval to repatriate proceeds.

The cedi's story in 2025 is the reverse. The cedi appreciated approximately 40.7% against the dollar in 2025. An investor who bought a GHS-denominated Accra property at the November 2024 low of GHS 16.48/USD would have seen dollar value increase significantly by January 2026 at GHS 10.79/USD. Many premium Accra properties are USD-quoted, removing cedi depreciation risk from the rental income stream.

Neither currency is stable over a 10-year investment horizon. Position sizing and explicit currency hedging decisions matter.

Due diligence: what you must do before signing anything

In Nigeria: The non-negotiable steps are: hire an NBA-licensed property lawyer independent of the seller; conduct a title search at the State Land Registry; verify the C of O's authenticity (forgeries exist); have a survey plan authenticated; confirm no liens or encumbrances are registered; confirm the property is not in a government acquisition zone; apply for and receive Governor's Consent before executing the Deed of Assignment; and obtain a Tax Identification Number from FIRS.

Do not pay any money before the title search is complete. Double sales -- the same property sold to multiple buyers -- are common in Lagos. A title search at the Registry is the only way to establish who has the prior claim.

LASRERA (Lagos State Real Estate Regulatory Authority) maintains a register of licensed agents. Use LASRERA-registered agents for Lagos transactions.

In Ghana: The critical steps are: hire an independent Ghanaian property lawyer; obtain an official Lands Commission search in writing; have a licensed surveyor confirm boundaries; verify the seller holds a clean, registrable title (Land Title Certificate or properly executed and registered indenture); for customary land, obtain and document the stool or family head's consent in writing; use bank transfers or regulated escrow rather than cash; register the interest at the Lands Commission immediately after executing the deed; and register with the Ghana Revenue Authority for a Tax ID.

The single most protective measure for buyers in Ghana: purchase from licensed developers whose projects have pre-registered titles. Developers like Trasacco, Devtraco, SHE Homes, and Clifton Homes operate with registered land. Buying a unit from a licensed developer with cleared title eliminates most of the customary land litigation risk.

Frequently Asked Questions

Can a foreigner own property in Nigeria outright?

No. Nigeria's Land Use Act 1978 vests all land in state governments. No one holds freehold. What foreigners acquire is a long-term right of occupancy -- typically up to 99 years -- via a Certificate of Occupancy, which requires Governor's Consent for any transfer. The Supreme Court confirmed in Okoye v. Dumez Nigeria that the Act's benefits are reserved for Nigerians, but foreign buyers can acquire C of O interests by assignment with Governor's approval.

Can a foreigner own property in Ghana outright?

No. Ghana's 1992 Constitution prohibits non-citizens from holding freehold land. Foreigners are limited to leasehold interests of a maximum 50 years under the Land Act 2020. Within that lease term, the foreign owner has full rights to the structures on the land, including the right to rent, sell the leasehold, mortgage, or inherit the interest.

How long does it take to buy property in Lagos as a foreigner?

A clean transaction in Lagos typically takes 6-14 months end-to-end. The longest step is obtaining Governor's Consent, which takes 3-6 months in Lagos and 2-4 months in Abuja. Title searches take 1-2 months. Property registration after the deed is executed takes 1-3 months. Disputes, complex ownership structures, or delays at the State Ministry of Lands can extend the process significantly.

What are the total transaction costs when buying property in Nigeria vs. Ghana?

In Nigeria, total typical closing costs run 6-12% of property value, including legal fees (5-10%), Governor's Consent fee (1.5-3%), stamp duty (1.5%), and registration fees (1-3%). In Ghana, typical closing costs are 4-7% for a standard transaction -- lower stamp duty (0.25-1%), lower legal fees (1-2%), and Lands Commission fees (0.5-2%). Both figures exclude agent commissions of approximately 5%.

What is the biggest risk when buying land in Ghana?

Roughly 80% of all cases before Ghana's high courts involve land disputes, according to legal practitioners. The dominant risks are: purchasing land where the seller does not have clear title (common with customary stool or family land); double sales; and boundary disputes. The Lands Commission search is the critical mitigation step -- it is not optional. Buying from licensed developers with pre-registered titles eliminates most of these risks by ensuring the developer has already resolved title before marketing units.

Are there alternatives to buying property directly in Nigeria?

Yes. Three REITs are listed on the Nigerian Exchange (NGX): UPDC REIT, SFS REIT, and Union Homes REIT. These allow real estate investment with as little as ₦5,000, require no title search or Governor's Consent, and are tradeable during market hours. UPDC REIT produced approximately 38% yield in 2025. REITs are tax-exempt at the corporate level if distributing 90% or more of income. Foreign investors can access them through international brokers with NGX market access or through a Nigerian stockbroker account with a CSCS (Central Securities Clearing System) account.