Lagos is ramping up regulation in its real estate sector and experts believe the time has come for a nationwide regulator to ensure consistency, protect consumers, and stamp out malpractice. Recent discussions highlight both the progress made in Lagos and the challenges still looming across Nigeria’s property industry.
At a recent seminar hosted by the Association of Estate Agents in Nigeria (AEAN), legal and real estate professionals raised concerns that the industry has long operated in a patchwork of laws and regulations, many of which lack uniform enforcement. Akinboyo Ayorinde, a partner at a leading law firm, pointed out that real estate agency and consultancy in Nigeria “is not fully regulated by a unified, single, nationwide statute yet,” which has created room for quack agents and fraudulent practices. The Land Use Act of 1978 and the Nigerian Constitution provide broad frameworks, but experts argue they are no longer enough to safeguard buyers and investors in today’s market.
Lagos, however, has taken firm steps toward cleaner practice. Through LASRERA, the Lagos State Real Estate Regulatory Authority, developers and agents are now required to register, meet ethical standards, and face penalties for violations. New rules such as the Land Registration Law 2015, the Land Use Charge Law 2018, and Tenancy Laws now give the state more tools to regulate property rights, taxes, and landlord-tenant interactions. But while these laws offer strong protection within Lagos, experts argue that outside the state, many real estate transactions remain loosely regulated and vulnerable to abuses.
There is growing momentum around proposed national regulation. A bill under consideration in the Senate could establish a Real Estate Regulatory Council to create uniform standards for agency practices, require registration of all real estate businesses, and enforce consistent penalties for malpractice nationwide. This reform could reshape how property deals are made, improving trust and transparency while reducing risk for homebuyers and investors.
If you’re buying property, renting, or investing, especially across state lines, it’s crucial to work with agents who are registered and transparent. Always ask about registration with regulators like LASRERA or relevant bodies in your state, demand proper documentation (including Governor’s Consent, stamp duty status, and registration), and avoid deals that seem “too good to be true.”
For Lagos real estate in particular, the tighter oversight means you’re increasingly getting protection that didn’t always exist: better dispute resolution, clearer laws, more accountability. And for investors, that legal clarity can translate to stronger capital appreciation and safer, more stable returns.
At Geoponts Properties Ltd, we believe in regulation as the backbone of trust in real estate. We ensure every project we offer is compliant, fully documented, and handled with transparency. Our goal is to protect your investment and make your real estate journey secure and rewarding.
Thinking of buying, investing, or renting? Reach out to Geoponts today. Let us help you partner with credibility in real estate.
📍 Visit Us: 781 Somide Odunjinrin Avenue, Omole Phase 2, Ikeja.
📞 Call/WhatsApp: 08084410146 || 07063557501
📩 Email: geopontsproperties@gmail.com
🌐 Website: www.geopontsproperties.com
📱 Instagram: https://www.instagram.com/geopontspropertiesltd
