Adisa laments the shift from the era when trusted developers and firms let their projects speak for themselves, to a time when flashy promotions and social media theatrics have replaced substance. Back then, purchasing property was a thoughtful process grounded in transparency, not a digital spectacle built on empty promises.

His concerns resonate with many Nigerians today, as real estate becomes more about perception than actual value. “We’ve moved from building homes to selling fantasies,” he suggests. This shift, he argues, is not just dangerous it is deeply exploitative.

Adisa paints a picture familiar to many in cities like Lagos, Abeokuta, and Ibadan: overzealous marketers, often without proper training or credentials, aggressively pitching real estate deals that lack basic infrastructure. According to him, these sellers package undeveloped land as prime property, wrapping them in glossy brochures, drone footage, and exaggerated claims of proximity to nonexistent airports or luxury amenities.

In his view, this spectacle is not merely bad business it’s a systemic problem. Many so-called developers operate on shaky legal grounds, offering “pay small-small” schemes that prey on people’s dreams of owning land. For many buyers, the dream ends in disappointment when allocation fails, documentation stalls, and company contacts suddenly vanish.

Adding to the chaos, Adisa highlights the alarming emergence of pseudo-developers running operations that resemble Ponzi schemes. Promising unrealistic returns and luring investors with glitzy events and celebrity endorsements, these entities prioritize noise over actual delivery.

His reflections raise a critical question: what, exactly, are these firms selling? Often, it’s plots located in remote, undeveloped areas, priced at par with prime urban land. In Adisa’s words, they are selling “possibility,” not property and often, that possibility is a lie.

But he doesn’t stop at criticism. Adisa calls for decisive institutional action. He advocates stricter licensing, monitoring, and sanctions for real estate operators. Regulatory bodies like REDAN and LASRERA, he insists, must rise beyond rhetoric and enforce accountability. Fraud in housing, he notes, is not just theft it is an assault on dignity.

As his piece powerfully concludes, shelter is not a luxury it is a human right. In today’s Nigeria, buying land has become less a transaction and more a test of discernment. He urges buyers to remain vigilant: verify every claim, scrutinize every offer, and look beyond the surface of seductive sales pitches.

Folorunso Fatai Adisa’s essay serves not only as a critique but also as a warning and one the public can no longer afford to ignore.

The post Unmasking Nigeria’s Real Estate Illusion: A Cautionary Look Inspired by Folorunso Fatai Adisa’s appeared first on Housing TV Africa.

The announcement was made by the Special Adviser to the Governor on Housing, who warned that any unregistered practitioner engaging in real estate transactions would be acting in violation of the law. Clients who knowingly transact with such unregistered agents may also face penalties.

As part of the new enforcement drive, the state has introduced a centralized registration and monitoring system, to be managed by LASRERA. This platform will verify the credentials of real estate professionals and serve as a channel for lodging public complaints. The objective is to promote transparency, eliminate fraud, and protect residents from exploitative practices in the real estate market.

“The days of operating informally and evading regulation are over,” the Special Adviser stated. “We are determined to cleanse the real estate sector of sharp practices that make housing unaffordable and unsafe for Lagosians.”

In addition to mandatory registration, the government reaffirmed strict limits on agent commissions and rental terms. Agents are prohibited from charging more than 10% of a property’s value as commission, and landlords are barred from collecting more than one year’s rent in advance, in accordance with the state’s tenancy laws.

The reforms come amid growing public complaints over inflated agency fees, illegal charges, and housing scams, particularly affecting low- and middle-income residents. The state has urged the public to report any breaches of these rules through official channels provided by LASRERA.

With these measures, the Lagos State Government hopes to restore public confidence in the property sector, foster ethical professional conduct, and ensure fair access to housing across the state.

The post No License, No Deal: Lagos Enforces Real Estate Registration Law appeared first on Housing TV Africa.