In what many experts see as duplication of the functions of the NIESV, the national body for real estate operators, the Lagos State Government has declared it illegal to engage in real estate practice within the state without proper registration with the Lagos State Real Estate Regulatory Authority (LASRERA).
The State Government claims in an announcement, made on 28 June 2025, that the policy aims to enhance transparency, curb fraudulent activities, and protect residents in property transactions across the state.
According to a statement from the Lagos State Government, shared via its official channels, individuals and organisations operating as real estate agents, brokers, or practitioners must obtain a valid LASRERA registration certificate before conducting any transactions. Hon. Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing, emphasised that operating without registration is now a criminal offence, underscoring the government’s commitment to sanitising the real estate sector. “It is an offence to practice real estate business, either as a commission agent, realtor, or real estate practitioner, without proper registration with LASRERA,” she stated.
LASRERA, the regulatory body overseeing real estate operations in Lagos, is tasked with registering practitioners, monitoring industry activities, and addressing public complaints. The agency has already made significant strides, resolving over 1,200 property-related disputes and recovering approximately N295 million for residents affected by fraudulent practices. Additionally, LASRERA has registered 925 individuals and organisations out of over 2,550 applicants on its official portal (lasrera.lagosstate.gov.ng), aiming to eliminate unlicensed operators and boost investor confidence.
The government’s crackdown also includes measures to regulate agency fees, which must not exceed the state-approved range of 0 to 10 percent of the annual rent, as stipulated by the Lagos State Tenancy Law of 2011. Odunuga-Bakare urged residents to report instances of overcharging or misconduct to LASRERA, either through its website or at its office in Alausa, Ikeja. “We want members of the public to understand that doing business with unregistered agents poses serious risks,” she cautioned, highlighting the agency’s role in protecting tenants and landlords alike.
To further support affordable housing, LASRERA has partnered with the chairmen of the 57 Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) across Lagos. This collaboration, announced on 20 June 2025, aims to reduce exorbitant agency and legal fees, making housing transactions more accessible for residents. The Commissioner for Housing, Hon. Moruf Akinderu-Fatai, noted, “The aim is not only to reduce the exorbitant fees being charged by some property agents but to bring sanity to the built sector and make life easier for the average Lagosian.”
The Lagos State Government has also reiterated its long-term goal of achieving monthly rent payments to ease the financial burden on residents. Residents are encouraged to verify the registration status of agents and developers on the LASRERA website to avoid falling victim to fraudulent practices. The government’s efforts have been widely shared on platforms like X, with posts reflecting public awareness of the new regulations and their implications for the real estate sector.
