In a decisive attempt to sanitise the housing sector and ease financial pressure on tenants, the Lagos State Government has announced a collaboration with all 57 Local Government and Local Council Development Area Chairmen to cut down agency and legal fees charged by property agents.
This initiative is designed to regulate and reduce agency and legal fees charged by real estate practitioners, thereby easing the burden on residents and promoting transparency in property transactions.
Speaking during the meeting with the council chairmen, the Commissioner for Housing, Hon. Maruf Akinderu Fatai, stated that: “The aim of this collaboration is not only to reduce the exorbitant fees being charged by some property agents, but to bring sanity to the built sector and make life easier for the average Lagosian. Housing is a basic necessity, and we are committed to ensuring it is accessible and affordable.”
Also addressing the gathering, the Special Adviser to the Governor on Housing, Hon. Barakat Odunuga-Bakare, emphasised that: “Agency fees must be between zero and ten percent — not more. Anything beyond that is unacceptable and exploitative. The Lagos State Government’s ultimate goal is to achieve monthly payment of house rent, and we are working tirelessly toward this reality.”
Hon. Odunuga-Bakare also urged Lagos residents to only patronize agents and developers who are duly registered with LASRERA, adding that: “We want members of the public to understand that doing business with unregistered agents poses serious risks. LASRERA exists to protect both tenants and landlords, and we will not relent in our effort to restore sanity to the built sector.”
The collaboration with LGA and LCDA Chairmen is a major step in extending LASRERA’s regulatory oversight to the grassroots, where most housing transactions take place. It also reflects the government’s commitment to fair and affordable housing practices in all parts of the state.
Members of the public are encouraged to visit the LASRERA website to verify the registration status of property agents and file complaints against defaulters.