30/06/2025
LAGOS BANS UNREGISTERED REAL ESTATE PRACTICE, SETS STRICTER RULES FOR AGENTS AND LANDLORDS
https://msmeafricaonline.com/lagos-bans-unregistered-real-estate-practice-sets-stricter-rules-for-agents-and-landlords/
Here are the key takeaways from the June 29, 2025 report on Lagos State’s new real estate regulations, as outlined by MSME Africa :
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🔑 Main Points
1. Unregistered Real Estate Practice Declared a Crime
It’s now a criminal offence for any individual or organization to engage in real estate activities in Lagos without registering with the Lagos State Real Estate Regulatory Authority (LASRERA) .
2. Mandatory LASRERA Registration for Practitioners
All agents, realtors, landlords, and property practitioners must hold a valid LASRERA registration certificate. Transacting with unregistered agents can lead to legal action .
3. LASRERA’s Expanded Oversight
LASRERA is empowered to:
Register and license practitioners
Monitor property transactions
Investigate complaints and enforce compliance
These steps aim to protect consumers and uphold transparency .
4. Fee and Rent Collection Caps
Agents and landlords are prohibited from charging more than 10% in agency fees or collecting over one year’s rent upfront. Violation of these limits now attracts penalties .
5. Public Encouraged to Monitor Practices
Residents are urged to:
Report overcharging or misconduct
Confirm real estate professionals are LASRERA-registered before engaging in transactions
6. Support from the Governor
This crackdown is part of Governor Babajide Sanwo-Olu’s broader effort to sanitize the property market and promote trust within the sector .
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🏛️ Why It Matters
These measures are designed to reduce fraud, protect both tenants and property owners, and foster a more transparent and regulated real estate environment in Lagos.
The Lagos State Government has declared it a criminal offence for any individual or organisation to engage in
