The Lagos State Government has declared that it is now illegal to engage in real estate practice within the state without registration with the Lagos State Real Estate Regulatory Authority (LASRERA).
What this means is, the Lagos State Government requires all real estate practitioners, like agents or realtors, to register with LASRERA to operate legally.
This likely reinforces a 2022 law to ensure professionalism and reduce fraud in real estate transactions.
It aims to protect consumers by ensuring only registered practitioners can work, but it may challenge small-scale agents due to registration costs and requirements. Enforcement details are unclear, but it aligns with efforts to regulate the sector.
This new decision by the State Governor becomes necessary due to several unsavory reports of arbitrary charges on rents and criminal activities by the unscrupulous elements parading themselves as House and Landed property agents, who have increasingly flooded the real estate sector in Lagos state, over the years.