The Lagos State Government has called on the leadership of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), the Real Estate Developers Association of Nigeria (REDAN), and the Association of Estate Agents in Nigeria to assist in reducing the rent burden faced by residents and to eliminate the widespread illegal fees in the real estate sector.
In a statement from Ganiu Lawal, Deputy Director of Public Affairs, these professional organizations were also encouraged to address the competitive pricing practices among agents throughout the real estate value chain.
The statement emphasized, “The introduction of illegal fees, such as caution fees, inspection fees, finder’s fees, and others, constitutes a harmful practice that negatively impacts tenants and jeopardizes the integrity of both practitioners and property owners.”
The Nigerian Institution of Estate Surveyors and Valuers, the Real Estate Developers Association of Nigeria, and the Association of Estate Agents in Nigeria were invited to a stakeholders meeting co-chaired by Moruf Akinderu-Fatai, the Commissioner for Housing, and Barakat Odunuga-Bakare, the Special Adviser to the Governor of Lagos State on Housing.
This meeting is part of an ongoing strategic initiative aimed at addressing issues such as arbitrary rent charges, excessive agent fees, and promoting professionalism within the real estate sector in Lagos State. It took place in the Conference Room of the Ministry of Housing in Alausa, Ikeja.
During the meeting, the state government, represented by the commissioner and the special adviser, urged the associations to uphold the integrity of the real estate industry and collaborate with all stakeholders to ensure full enforcement and compliance with Lagos State’s real estate transaction laws.
Akinderu-Fatai stated, “Our goal in involving all stakeholders is to enhance the collaboration between the State Government and professional organizations for the benefit of Lagos residents.
“The Lagos State Government is aware of the difficulties families face in obtaining and maintaining rental housing, particularly due to steep rent increases and unlawful charges in real estate transactions.”
The commissioner emphasized the government’s commitment to promoting monthly and quarterly rent payments in accordance with tenancy laws.
He added, “While we recognize that demand exceeds supply, the government will no longer tolerate the exploitation of those seeking accommodation through unethical practices.
“I assure you that under the leadership of Mr. Babajide Sanwo-Olu, the state government is dedicated to ensuring integrity in the real estate sector.”
Barakat Odunuga-Bakare, the Special Adviser to the Governor on Housing, emphasized that there are existing state laws, including the 2015 Tenancy Law and the Lagos State Real Estate Regulatory Authority Law, which limit chargeable fees on real estate transactions to a maximum of 10 percent.
She also called on stakeholders to collaborate with the state government to improve the conditions under which residents of Lagos can secure housing.
During the meeting, representatives from various organizations, including Gbenga Ismail from the Nigerian Institution of Estate Surveyors and Valuers (Lagos Branch), Dr. Kolawole Tony from the Real Estate Developers Association of Nigeria, and Dr. Adeniyi Tinubu from the Association of Estate Agents in Nigeria, expressed their willingness to work together with the state government to address the issues of high rent and excessive fees.
