With a rapidly growing population and a widening housing deficit, continues to face mounting pressure on its housing sector. The shortage has created opportunities for fraudulent real estate agents to exploit unsuspecting residents seeking accommodation.
Nigeria’s housing deficit was estimated at 28 million units as of 2023, with Lagos accounting for about 17 million. The situation is expected to worsen as more than 500,000 people migrate into the state annually. Projections from the indicate that Lagos could reach a population of 32.6 million by 2050, making it one of the largest cities in the world.
The increasing demand for housing has led to a surge in fraudulent practices, including fake property listings, multiple sales of the same apartment, and non-existent land transactions.
Recently, the sealed the office of an unregistered agent operating in the Ikorodu area for allegedly using a fake registration number. The enforcement action was carried out in collaboration with the Lagos State Task Force as part of efforts to sanitise the real estate sector.
According to the Special Adviser to the Governor on Housing, , only agents registered with LASRERA are legally permitted to operate in the state. She warned that the government would continue to clamp down on illegal operators to protect residents and restore confidence in property transactions.
Experts say many victims fall prey to fraudulent agents due to urgency, lack of verification, and limited awareness of regulatory requirements.
How to Avoid Fake Real Estate Agents in Lagos:
- Always confirm that the agent is registered with LASRERA before engaging in any transaction.
- Verify the agent’s registration number through official channels.
- Avoid making payments without proper documentation and receipts.
- Do not rely solely on online listings without physical inspection of the property.
- Be cautious of deals that appear too good to be true.
- Report suspicious agents or activities to LASRERA for investigation.
The Lagos State Real Estate Regulatory Authority Law, enacted in 2021 and signed into law in 2022, provides a framework for regulating real estate transactions, licensing practitioners, and resolving disputes in the sector.
As housing demand continues to rise, residents are advised to remain vigilant and prioritise due diligence when dealing with property agents to avoid financial loss.
