The Lagos State Government has called on key stakeholders in the real estate sector to collaborate in addressing the escalating rent burden and eliminate illegal charges associated with property transactions.
EpeInsights Moruf Akinderugathered that the stakeholders include; the Nigerian Institution of Estate Surveyors and Valuers (NIESV), the Real Estate Developers Association of Nigeria (REDAN), and the Association of Estate Agents in Nigeria (AEAN)
Speaking at a stakeholder engagement session held at the Ministry of Housing in Alausa, Ikeja, the Commissioner for Housing, Hon. Moruf Akinderu-Fatai, and the Special Adviser to the Governor on Housing, Barr. Barakat Odunuga-Bakare, jointly chaired the meeting.
They emphasized the need for greater accountability and professionalism within the sector to protect the interests of residents and restore integrity to real estate operations in the state.
Hon. Akinderu-Fatai expressed the government’s concern over the difficulties many Lagosians face in securing affordable rental accommodation, citing unregulated rent hikes and arbitrary transaction fees such as caution fees, inspection fees, and finder’s fees.
“The Lagos State Government is deeply committed to ensuring sanity in the real estate business. We cannot continue to allow unwholesome practices that exploit accommodation seekers and tarnish the image of genuine practitioners. Our aim is to work closely with professional bodies to address these issues and promote fair and legal rental practices,” he said.
The Commissioner also reiterated the state’s intent to encourage monthly and quarterly rent payments, in alignment with provisions of the Lagos State Tenancy Law, as a more manageable alternative for tenants.
In her remarks, Barr. Odunuga-Bakare highlighted the importance of enforcing existing laws, particularly the 2015 Tenancy Law and LASRERA Law, which cap chargeable real estate transaction fees at 10%.
She stressed the regulatory role of the Lagos State Real Estate Regulatory Authority (LASRERA) in overseeing, registering, and monitoring real estate practices across the state.
“We must collectively ensure that accommodation seekers are not subjected to exploitative practices. The State will continue to engage stakeholders while also strengthening regulatory enforcement,” she stated.
In response, representatives of the professional associations—ESV Gbenga Ismail (NIESV Lagos), Dr. Kolawole Tony (REDAN), and Dr. Adeniyi Tinubu (AEAN)—expressed their commitment to working with the government to curb excessive charges, reduce housing costs, and promote ethical standards within the industry.
They pledged to support public awareness campaigns, capacity building, and sensitization programs to foster best practices in real estate transactions and improve public trust.
The session concluded with a resolution to convene a broader stakeholders’ forum that will include legal practitioners and other professionals in the real estate value chain. The goal is to ensure a holistic, inclusive, and effective strategy to reform the housing sector for the benefit of all Lagosians.
Also in attendance were Engr. Abdulhafis Toriola, Permanent Secretary of the Ministry of Housing, along with directors and senior officials from the Ministry, the Office of the Special Adviser on Housing, LASRERA, and key representatives from NIESV, REDAN, and AEAN.
