In a decisive move to sanitize the property market, the Lagos State Government has officially outlawed real estate practice without registration under the Lagos State Real Estate Regulatory Authority (LASRERA).
The announcement, delivered in Alausa, Ikeja, by Barrister Barakat Odunuga-Bakare Special Adviser to the Governor on Housing and Head of LASRERA underscores the state’s commitment to transparency and consumer protection in the housing sector.
According to Odunuga-Bakare, it is now a criminal offence for individuals or organisations to engage in real estate transactions, whether as agents, realtors, or brokers, without securing a valid LASRERA certificate. She further cautioned that even dealing with unregistered practitioners attracts penalties.
The state’s real estate regulatory agency, LASRERA, is tasked with registering practitioners, monitoring transactions, and addressing complaints to protect residents from fraudulent dealings. This move is part of Governor Babajide Sanwo-Olu’s broader agenda to restore public confidence in Lagos’ booming property market.
Odunuga-Bakare also warned against excessive agency fees, reminding practitioners that charges must not exceed the legally approved cap of 10 percent. She urged residents to report cases of overcharging or misconduct, emphasizing that demanding more than one year’s rent in advance remains unlawful.
These enforcement efforts come amid growing reports of landlords and agents imposing unreasonable financial demands on tenants, exacerbating housing challenges in Africa’s most populous city.
Residents have been advised to verify the registration status of any real estate professional or firm before entering into agreements to avoid falling victim to scams.
Through these measures, the state aims to foster a more transparent, fair, and investor-friendly property market while safeguarding the interests of home seekers and legitimate practitioners alike.
