In an effort to curb the escalating costs of housing transactions and foster transparency within the real estate sector, the Lagos State Real Estate Regulatory Authority (LASRERA) has joined forces with the Chairmen of all 57 Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) in Lagos State.

The partnership aims to regulate and reduce the agency and legal fees levied by real estate practitioners, offering much-needed relief to residents.

Speaking at a meeting with the council chairmen, , the Commissioner for Housing,  Hon. Maruf Akinderu Fatai said: “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.”

The Special Adviser to the Governor on Housing, Hon. Barakat Odunuga-Bakare, outlined the new fee structure, saying:  “Agency fees must be between zero and ten percent — not more. Anything beyond that is unacceptable and exploitative,” she said.

Odunuga-Bakare also reiterated the Lagos State Government’s long-term vision, stating, “The Lagos State Government’s ultimate goal is to achieve monthly payment of house rent, and we are working tirelessly toward this reality.”

She urged Lagos residents to prioritize their safety and financial security by only engaging with real estate agents and developers officially registered with LASRERA. “We want members of the public to understand that doing business with unregistered agents poses serious risks,” she warned. “LASRERA exists to protect both tenants and landlords, and we will not relent in our effort to restore sanity to the built sector.”

Members of the public are encouraged to visit the LASRERA website to verify the registration status of property agents and to report any instances of non-compliance.