Lagos real estate regulation is tightening, as the state government intensifies efforts to eliminate unregistered operators in the property market.
In a recent announcement from Alausa, Ikeja, Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing and Head of the Lagos State Real Estate Regulatory Authority (LASRERA), declared that all real estate professionals must register with the agency before conducting business within the state.
She emphasized that anyone acting as a real estate agent, broker, or practitioner must obtain a valid LASRERA certificate of registration. Failing to do so is now considered a legal offence. The public has also been cautioned against engaging with unregistered agents, as such dealings may lead to penalties.
LASRERA oversees registration, monitors transactions, and investigates complaints in the real estate sector. According to the state government, this regulatory approach is designed to enhance transparency, reduce fraud, and increase public confidence in property dealings across Lagos.
Odunuga-Bakare also reiterated that agency fees must remain within the legally approved range of zero to ten percent. Charging beyond this limit is a direct violation of Lagos real estate regulation. Residents are encouraged to report any overcharging or unethical conduct to LASRERA.
She further reminded practitioners that it is unlawful to demand more than one year’s rent in advance. Similarly, collecting payment without delivering the agreed service is not permitted under the new enforcement rules.
These enforcement measures are part of Governor Babajide Sanwo-Olu’s broader agenda to restore order in the real estate sector and protect the rights of home seekers, property owners, and registered professionals.
To avoid fraud or legal complications, the government urges all residents to verify the LASRERA registration status of any real estate agent or company before entering into property transactions.
