The Lagos State Government has declared that it is now illegal to engage in real estate practice within the state without registration with the Lagos State Real Estate Regulatory Authority (LASRERA).The announcement was made on Saturday in Alausa, Ikeja, by Barrister Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing and Head of LASRERA, in a statement shared through the official X account of the state government.
She stated that any individual or organisation involved in real estate transactions, whether as an agent, realtor, or practitioner, must obtain a valid LASRERA certificate of registration before conducting business in Lagos. “The Lagos Government has stated that it is an offence to practice real estate business, either as a commission agent, realtor, or real estate practitioner, without proper registration with the Lagos State Real Estate Regulatory Authority.
The Special Adviser to the Governor on Housing and Head of the Lagos State Real Estate Regulatory Authority (LASRERA), Barrister Barakat Odunuga Bakare gave the warning today at Alausa – Ikeja. She stated that it is an offence for anyone to even deal with persons or organisations that have not registered and obtained the LASRERA certificate of practice,” the statement read in part.
The Lagos State Real Estate Regulatory Authority (LASRERA) regulates all real estate activities in Lagos, registering practitioners, monitoring transactions, and investigating complaints to protect residents from fraud.
The state government sees registration with LASRERA as a measure to enhance transparency, reduce fraudulent practices, and improve confidence in the property market. The agency coordinates with other government bodies to ensure compliance and streamline real estate business operations.
Odunuga-Bakare reiterated that agency fees must stay within the legally approved range of 0 to 10 percent, warning agents against demanding charges beyond this limit. She urged Lagos residents to report cases of overcharging or professional misconduct to LASRERA. She also stressed that it is unlawful for real estate practitioners to demand more than one year’s rent in advance or to collect payments without delivering the agreed services.
These reminders come amid widespread violations of the rules, as agency fees on rental properties in Lagos often exceed the 10 percent cap, and some landlords, agents, and property managers continue to demand more than one year’s rent upfront from tenants.
According to Odunuga-Bakare, the enforcement measures are part of the Babajide Sanwo-Olu administration’s commitment to restoring order in the real estate sector and protecting the interests of home seekers, property owners, and licensed professionals. The government also advised residents to verify the registration status of any real estate agent or firm before entering into property transactions.
Source: https://nairametrics.com/
