The Lagos State Real Estate Regulatory Authority (LASRERA) has teamed up with the chairmen of the 57 local governments and local council development areas (LCDAs) to reduce the cost of agency and legal fees in property transactions across the state.
The partnership is part of efforts to ease the financial burden on residents and bring order to Lagos’ growing real estate sector.
Speaking at a meeting with the council chairmen in Ikeja, the Commissioner for Housing, Maruf Akinderu-Fatai, said the move targets the high fees often charged by agents and legal practitioners in property deals. He said the government is determined to make housing more accessible and affordable for the average Lagosian.
“Housing is a basic need, and this government, under Governor Babajide Sanwo-Olu, is committed to ensuring it’s within reach for all Lagosians,” Akinderu-Fatai said.
The Special Adviser to the Governor on Housing, Barakat Odunuga-Bakare, stressed that agency fees should not exceed 10 percent of the transaction value. “Anything beyond that is exploitative,” she said.
Odunuga-Bakare added that the state is working towards making monthly rent payments the norm and urged residents to work only with agents and developers registered with LASRERA. She warned that dealing with unregistered agents puts both tenants and landlords at risk.
“We want people to understand that LASRERA exists to protect both sides,” she said. “We won’t relent in sanitising the housing sector.”
The partnership with local council chairmen is seen as a critical step in taking the government’s regulatory efforts to the grassroots, where many property deals happen.
Residents were encouraged to use LASRERA’s website to verify agents’ registration status or report any cases of exploitation.
