In a decisive move to address rising housing costs and promote fair property dealings, the Lagos State Government, through its Real Estate Regulatory Authority (LASRERA), has partnered with chairmen from all 57 local government areas (LGAs) and local council development areas (LCDAs).
The collaboration aims to enforce a cap on agency and legal fees charged during housing transactions, ensuring transparency and relieving financial burden on residents .
Addressing the assembly at the Alausa Secretariat in Ikeja, Commissioner for Housing, Maruf Akinderu-Fatai, emphasized the critical role of this initiative in restoring sanity to the housing market. He stated that unchecked charges by some real estate agents had made housing unaffordable for the average Lagosian and pledged to make shelter accessible and reasonably priced.
Echoing this sentiment, Special Adviser on Housing, Barakat Odunuga-Bakare, affirmed that agency fees must not exceed 10 percent of total rent, warning that any amount beyond this threshold would be considered exploitative.
The state’s ultimate aim, according to Odunuga-Bakare, is to facilitate monthly rent payments, a model envisioned to ease tenants’ financial obligations. She also urged Lagosians to engage only with agents and developers registered with LASRERA, highlighting the protective measures it offers both tenants and landlords. She emphasized the risks involved in dealing with unregistered operators and reaffirmed the government’s ongoing efforts to sanitize the real estate sector.
This partnership allows LASRERA to extend regulatory oversight down to the grassroots level an essential step given that many transactions occur informally. The collaboration with council chairmen ensures that fee caps and professional standards will be enforced across all neighborhoods, promoting equity and accountability in property dealings.
Residents are encouraged to verify the credentials of real estate agents via the LASRERA website and to report any violations. This regulatory reform reflects Lagos State’s renewed commitment to housing affordability, transparency, and consumer protection for all its citizens.
