The Anambra State Government has announced plans to regulate the real estate sector as part of efforts to curb fraud, unchecked land speculation, and rising property prices across the state.
The Commissioner for Housing, Pauly Onyeka, disclosed this in Awka during a courtesy visit by executives of the Awka Estate Agents Association.Mr Onyeka said the state government was concerned about widespread unregulated activities by estate agents and real estate developers, noting that such practices had exposed residents and investors to financial losses.
According to him, some developers acquire land from host communities and resell the same plots at inflated prices without fulfilling agreed financial obligations to the original landowners.
He also blamed the situation on the influx of untrained and unscrupulous individuals into estate agency and land speculation, which he said had contributed to arbitrary increases in rent and property prices.
The commissioner noted that the problem had become more severe for Anambra indigenes in the diaspora, many of whom invest in landed property with the expectation of long-term appreciation, only to return years later and discover that the lands remain undeveloped or are tied up in disputes.
Mr Onyeka said the lack of regulation had made it easy for anyone to pose as a real estate developer or agent, thereby increasing the risk of fraudulent land transactions.To address the challenges, he said the Ministry of Housing would establish a dedicated enforcement team to regulate the activities of real estate operators across the state.
He added that the government would also embark on sustained public sensitisation through radio and social media platforms to educate residents on safe property transactions.“
I urge residents to remain vigilant and verify all property dealings before committing their resources,” he said.
Earlier, the Chairman of the Awka Estate Agents Association, Nnamah Izuchukwu, commended the state government’s efforts to sanitise the sector and pledged the association’s cooperation in identifying and eliminating fraudulent operators.
