Recent weeks have seen renewed urgency around regulating Nigeria’s real estate sector, especially in Lagos. Legal experts and government officials are calling for tighter oversight of practitioners, more enforcement of laws, and greater transparency in real estate transactions.
At a seminar organized by the Association of Estate Agents of Nigeria (AEAN), Lagos State made it clear: enough is enough. The era of “quacks” and fraudulent property dealings is being challenged. Barrister Barakat Odunuga-Bakare, Special Adviser to the Governor on Housing, emphasized that while over 1,000 estate practitioners are registered with LASRERA, many more operate without oversight. She pointed to abuses like multiple sales of the same property, rent collection for apartments that don’t even exist, hidden charges, and unfair rent hikes among the top complaints from consumers. These aren’t just isolated incidents as they erode trust in the entire market.
Legal luminary Akinboyo Ayorinde underlined the importance of stronger legal frameworks, noting that Lagos derives almost 16% of its GDP from real estate. He reminded stakeholders that without compliance, especially around laws like the Land Use Act, Tenancy Law, and Land Registration Law, many property transactions lack legal validity. He also referenced the pending Real Estate Regulatory Council Bill meant to standardize rules across Nigeria.
WHAT THIS MEANS FOR BUYERS AND INVESTORS
For anyone thinking of buying, renting, or investing in Lagos, the message is loud and clear: due diligence is no longer optional, it’s essential. Verifying whether agents are registered with LASRERA, demanding proper title documents, insisting on transparent agency fees, and understanding your rights under tenancy laws are all part of protecting your interests.
On the investment side, regulation can actually become an advantage. In markets where laws are enforced and transactions are transparent, property values tend to be more stable. Investors are willing to pay premiums for credibility. When regulation increases, risk decreases, and those risks are baked into pricing. Those who move early in ensuring compliance and working with ethical developers stand to benefit the most.
On the developer/practitioner side, this push for regulation means that unregistered or underqualified players will find it harder to operate. Standards, certifications, licensing, and regularization will become real filters. Firms that already do business with integrity will gain trust, reputation, and likely see preferential treatment in approvals and in the goodwill of consumers.
Despite the positives, there are hurdles and enforcement has always been one of them. Regulations on paper are only useful when applied fairly, consistently, and transparently. Delays in approval processes, bureaucratic bottlenecks, corruption, and ambiguity about which laws apply in different transactions still plague many deals.
Another issue is affordability. The cost of meeting regulatory requirements (title scrutiny, legal certification, taxes, registration) can increase upfront cost for buyers or developers. If not carefully managed, this might push out smaller developers or deter lower-income buyers. The balance between protecting consumers and keeping housing accessible will be a tightrope for the government to navigate.
If you’re seeking a property, investing, or developing, aligning with the evolving standards positions you better for value, legal safety, and long-term benefit. The window for being proactive is now.
At Geoponts Properties Ltd, we believe in not just keeping up with regulation, but staying ahead of the curve. We ensure that all properties we offer come with clear titles, work through registered developers, and maintain regulatory compliance. We believe that transparency, trust, and quality are not marketing buzzwords but the foundation of a good deal.
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