The Lagos State Government has announced that engaging in real estate activities within the state is prohibited without registering with the Lagos State Real Estate Regulatory Authority (LASRERA).
Barrister Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing and the Head of LASRERA, made this declaration on Saturday in Alausa, Ikeja, in a statement shared on the state government’s official X account.
She said that any person or entity participating in real estate transactions, whether acting as an agent, realtor, or practitioner, must secure a valid LASRERA registration certificate before operating in Lagos.
The Lagos State Real Estate Regulatory Authority (LASRERA) oversees all real estate activities in Lagos, registering practitioners, monitoring transactions, and investigating complaints to protect residents from fraudulent activities.
The state government views registration with LASRERA as a strategy to promote transparency, curb fraudulent practices, and enhance trust in the property market. The agency works with other government entities to ensure adherence to regulations and improve the efficiency of real estate business operations.
Odunuga-Bakare emphasised that agency fees must remain within the legally established range of 0 to 10 per cent, cautioning agents against charging fees beyond this threshold. She encouraged Lagos residents to report instances of overcharging or unethical behaviour to LASRERA.
She also pointed out that it is illegal for real estate practitioners to request more than one year’s rent in advance or to collect payments without providing the agreed-upon services.
These reminders arise in light of numerous rule breaches. Agency fees on rental properties in Lagos frequently surpass the 10 per cent limit, and some landlords, agents, and property managers continue to ask for more than one year’s rent upfront from tenants.
According to Odunuga-Bakare, the enforcement actions are part of the Babajide Sanwo-Olu administration’s dedication to restoring order in the real estate industry and safeguarding the interests of home seekers, property owners, and licensed professionals.
The government also urged residents to check the registration status of any real estate agent or firm before engaging in property transactions.
