Sanwo-Olu 

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The Nigerian Institute of Estate Surveyors and Valuers, the Real Estate Developers Association of Nigeria, and the Association of Estate Agents in Nigeria have been tasked by the Lagos state Government to assist in the effort to lower the cost of rent for Lagos residents and avoid the common unlawful fees in the real estate industry.

In a statement, Ganiu Lawal, the Deputy Director of Public Affairs, called on professional associations to reduce the number of agents in the real estate value chain who compete for fees in real estate deal.

“The introduction of illegal fees such as caution fee, inspection fee, finder’s fee, and others represents a professionally harmful practice which affects tenants and puts the integrity of the practitioners and property owners at stake. “The Nigerian Institution of Estate Surveyors and Valuers, Real Estate Developers Association of Nigeria, and Association of Estate Agents in Nigeria, were invited to a stakeholders meeting jointly chaired by the Commissioner for Housing, Moruf Akinderu-Fatai, and the Special Adviser to the Governor of Lagos State on Housing, Barakat Odunuga-Bakare.

Akinderu-Fatai challenged the association to protect the integrity of the real estate business with a support for joint effort of all stakeholders for full enforcement and compliance with the real estate transaction laws of Lagos State.

The Commissioner stressed that the aim of engaging all stakeholders is to strengthen the working relationship between the State Government and the professional bodies for the benefit of the people of Lagos.

“Lagos State Government is concerned about the challenges faced by families in securing and retaining rental accommodation in the State, with unpleasant rent increments and illegal estate transaction charges.”

The Commissioner reiterated the plan of the Lagos State Government to encourage and promote monthly and quarterly rent payment in the State in line with the tenancy law.
He said: “The State government is aware of the increase in demand as greater than supply, but the government would no longer tolerate and allow the extortion of accommodation seekers with unwholesome practices.

“I want to assure you that the State Government under the leadership of Mr. Babajide Sanwo-Olu is compassionate and will leave no stone unturned to ensure sanity in the real estate business in the State.”

State laws
The Special Adviser to the Governor on Housing, Barrister Barakat Odunuga-Bakare, stated that “there are existing State laws such as 2015 Tenancy Law and LASRERA Law which specify a percentage of chargeable fees of not more than 10% on real estate transactions.”
She also reminded the stakeholders of the responsibilities of the Lagos State Real Estate Regulatory Authority (LASRERA) as established by the law to register, regulate and monitor real estate business in Lagos State.
Barrister Odunuga-Bakare also urged the stakeholders to cooperate with the State government to ease the conditions under which Lagosians secure accommodation.
Join the advocacy
In their submissions, Mr. Gbenga Ismail of the Nigerian Institution of Estate Surveyors and Valuers Lagos Branch, Dr. Kolawole Tony of the Real Estate Developers Association of Nigeria, and Dr. Adeniyi Tinubu of the Association of Estate Agent in Nigeria jointly expressed their readiness to forge a workable alliance with the State government to solve high rent cost and excessive charges, with a promise to join the state government in promoting advocacy, public enlightenment as well as sensitization programmes on the best practices in real estate transactions.
The meeting further resolved to convene another stakeholders’ forum to be attended by representatives of all practitioners in the real estate business, including the Nigerian Bar Association, for a holistic buy-in of every sector for the benefit of Lagosians.

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