Lagos Launches ₦50 Billion Rent-to-Own Scheme for First-Time Buyers
AM
By Aaron MeckPublished · Figures checked against Punch on
The Lagos State Government has announced a ₦50 billion rent-to-own programme that lets first-time buyers move into completed homes in Ikorodu and Epe with a 10% deposit. Monthly rent counts toward ownership over 10 years. Applications open in November through the state's housing portal for salaried and self-employed residents.
The Lagos State Government has unveiled a ₦50 billion rent-to-own housing scheme aimed at first-time buyers who struggle to raise the full cost of a home upfront.
Under the programme, approved applicants pay a 10% deposit and move into a completed unit immediately. Their monthly payments are treated as rent but count toward full ownership over a 10-year period.
Who can apply
Lagos residents aged 21 to 55
Salaried workers with at least two years of verifiable income
Self-employed applicants with six months of bank statements
Applicants who do not already own a home in the state
Where the homes are
The first phase covers 2,500 one- to three-bedroom units across estates in Ikorodu and Epe, with further sites expected in 2027.
What it costs
Units are priced between ₦18 million and ₦42 million. A two-bedroom flat at ₦30 million would require a ₦3 million deposit, followed by monthly payments of roughly ₦225,000.
Applications open in November through the state's official housing portal. Officials said allocation will be first-come, first-served once documents are verified.