FOREIGNERS CANNOT OWN LAND FOR MORE THAN 25 YEARS IN LAGOS STATE

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topebabade
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Joined: 18 Aug 2019, 05:58

FOREIGNERS CANNOT OWN LAND FOR MORE THAN 25 YEARS IN LAGOS STATE

Post by topebabade »

DID YOU KNOW THAT FOREIGNERS CANNOT OWN LAND FOR MORE THAN 25 YEARS IN LAGOS STATE?

Section 28 (2) of the recently passed Lagos State Real Estate Regulatory Authority (LASRERA) Law affirmed the provisions of the Acquisition of Lands by Aliens Law that investment in land by foreigners (or foreign companies) shall not exceed Twenty-Five years.

By Section 28(1), foreigners or foreign companies who desire to invest in Real Estate in Lagos State must obtain permission of the Governor through LASRERA.

The Lagos State Governor signed the Lagos State Real Estate Regulatory Authority Bill into Law on February 10, 2022.

It is pertinent for all Real Estate Practitioners and investors to have a copy of the Law and read it in order to know their rights and duties as stated in the Law.

If you desire a FREE e-copy of the Law, please make a request to me via WhatsApp or email [email protected].

Thank you.

Ayobayo Babade Esq., ACIArb (UK), FIMC
Chief Legal Adviser & Head of Operations,
Tope Babade & Co (Real Estate Consultants)
Tel/WhatsApp: +234-813-834-4488
E-Property Catalogue: https://wa.me/c/2348138344488


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