LASRERA moves to slash agency, legal fees in Lagos housing sector

...Partners CDAs, CDCs across 57 LGAs, LCDAs for grassroots enforcement

By Sodiq Adelakun

The Lagos State Real Estate Regulatory Authority (LASRERA) has formed a strategic alliance with chairpersons of Community Development Associations (CDAs) and Community Development Committees (CDCs) across all 57 Local Government and Local Council Development Areas to address inflated agency and legal fees in the state’s housing sector.

Speaking at a high-level engagement in Lagos, the Commissioner for Housing, Hon. Maruf Akinderu Fatai, described the initiative as a grassroots-led strategy aimed at instilling discipline in the real estate market and reducing the cost of renting for ordinary Lagos residents.

“This collaboration is designed to lower the excessive fees charged by some property agents and restore order to the real estate sector, making housing more accessible for the average Lagosian,” Fatai stated.

He emphasised that access to housing is a basic human need and reiterated the government’s determination to eliminate extortion and administrative hurdles in securing accommodation.

Also addressing the gathering, the Special Adviser to the Governor on Housing, Hon. Barakat Odunuga-Bakare, reaffirmed the state’s stance on agent fees.

“Agency charges must fall within the 0 to 10 percent range. Anything beyond that is exploitative and unacceptable,” she said.

Odunuga-Bakare underscored Governor Babajide Sanwo-Olu’s commitment to introducing flexible rent payment structures, including the monthly rent initiative. She also cautioned residents against engaging with unregistered property agents.

“Using unregistered agents is risky. LASRERA was established to safeguard both tenants and landlords. We are committed to ensuring sanity and fairness in the property market,” she added.

The state government pointed out that most rental agreements originate at the grassroots level, making the involvement of CDA and CDC leaders vital in overseeing and regulating transactions in local communities.

Through this collaboration, LASRERA will extend its regulatory oversight across all 57 council areas, aiming to eliminate arbitrary charges, foster transparency, and shield residents from predatory practices.

The agency has encouraged the public to confirm agent registration via its official website and to report any suspected breaches.