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Bennett Oghifo

The Lagos State Government has bemoaned the state of housing deficit it is grappling with, saying though “reliable data is scarce”, but it needs “at least 500,000 additional housing units annually to meet demand. Delivery falls short at less than 20,000 units per year.”

The Special Adviser to the Lagos State Governor on Housing (Lagos State Real Estate Regulatory Agency LASRERA), Barr. Barakat Odunuga-Bakare, stated this in a speech she delivered at the Seminar of the Association of Estate Agents in Nigeria (Lagos State Chapter). She presented the “Government’s Perspective on Issues and Concerns of the Real Estate Agency and Regulatory Consultancy in Lagos.”

The Special Adviser, who was represented by the Director of Lands, Monitoring and Compliance Development, LASRERA, Mrs. Akibola Temitope Adenike, said, “Without accurate data on housing stock, land availability, and property transactions, both government and practitioners operate in the dark.”

Another concern, she said, “is affordability. A significant portion of Lagos residents – almost 70% by some estimates – live in rental accommodation. Access to housing finance remains difficult, and where mortgages exist, interest rates are often too high for the average citizen. This pushes people toward informal arrangements and unregulated operators.”

The government then complained about the nuisance caused by unregistered real estate agents.

The key issues and concerns, according to the Special Adviser, are the proliferation of quacks, adding, “The presence of untrained and unlicensed individuals continues to undermine the profession. According to LASRERA’s records, while over 1,000 practitioners have registered in Lagos, the number of unregistered operators is far higher. These quacks are responsible for many fraudulent transactions – from multiple sales of the same property to collecting rent for apartments that do not exist.”

She said reports reaching LASRERA show that real estate–related complaints rank among the top five consumer complaints in Lagos. Tenants complain of unfair rent hikes and hidden charges, while buyers face title fraud and delays in property delivery.”

She said, “Despite the LASRERA Law, compliance remains a challenge. Many practitioners either do not know about the law or deliberately ignore it. Government is therefore strengthening monitoring and sanction mechanisms, while also engaging stakeholders to encourage voluntary compliance.”

The government, she said, was also responding in practical ways, by “Strengthening LASRERA – expanding registration, simplifying online verification of agents, and providing platforms for reporting fraudulent practices.

“Public Sensitisation – campaigns toeducate citizens on the importance of engaging registered practitioners.“Dispute Resolution Mechanisms –promoting alternative dispute resolution (ADR) to quickly and fairly resolve property disputes without prolonged court cases. “Affordable Housing Initiatives –ongoing housing schemes through the Ministry of Housing and joint ventures with private developers to deliver new homes across Lagos. “Digitisation and Transparency –deploying digital platforms to improve title registration, transaction recording, and data collection to foster investor confidence.

Discussing ‘Property Law and Regulation Affecting Real Estate Agency and Consultancy in Nigeria’, Akinboyo Ayorinde Esq, quoted the National Bureau of Statistics for 2025, which says real estate has contributed 15.9% to the GDP of the country thereby making it the third largest contributor in Nigeria. Ayorinde said, “Enacting laws to regulate real estate and its business is therefore pivotal in order to maintain and enhance a better environment. It is worthy to note that without laws regulating this lucrative and income generating area in our society, the breakdown of law and order is imminent.”