Concerns are mounting within Nigeria’s real estate industry over the Lagos State Real Estate Regulatory Authority’s (LASERA) annual N1 million registration fee, as professionals warn it could stifle participation and create regulatory confusion.
Industry leaders have voiced objections to what they describe as a dual regulatory framework and excessive financial barriers. “We cannot have two regulators. There are already professional bodies recognised under federal law,” said one stakeholder. “The fee is too much. It sends a message that this is about revenue, not reform.”
Critics say the high cost risks pushing out competent practitioners who may not be able to afford the registration, despite possessing the skills required. “The emphasis should be on skill and ethical practice, not money,” another stakeholder added. “You’ll end up excluding professionals and opening the door to only those who can pay, not necessarily those who are qualified.”
While there is broad support for efforts to rid the sector of quacks and standardise practice, many believe LASERA’s strategy needs refinement. “The economy is biting, and not everyone can meet that kind of financial obligation,” said a chapter president of a real estate group. “Further consultations are needed to strike a balance between regulation and access.”
The president of the Real Estate Developers Association of Nigeria acknowledged LASERA’s role in addressing fraud and malpractice in the sector but echoed the call for a downward review. “If the fee could be brought down—maybe to ₦500,000—it might encourage more professionals to register,” he said.
Despite these concerns, LASERA’s recent efforts, including mandatory registration, caps on agency fees, and intervention in dispute resolution, have been praised. “We’ve seen LASERA take proactive steps, even intervening in cases involving our members. The leadership is professional and responsive,” the developer added.
Since June 2025, LASERA made it illegal to engage in real estate transactions—brokerage, agency, or development—without a valid registration certificate. The regulation, aimed at cleaning up the industry, has triggered an ongoing debate over affordability and access.
As discussions continue, stakeholders are urging LASERA to prioritise dialogue, ethical standards, and inclusivity in its quest to professionalise the Lagos real estate sector.
