The Lagos State government has expressed the need to reform and modernise real estate laws and regulations to meet the demands of investors and other relevant stakeholders in the built sector.
Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, made this known at the inaugural conference of Female Lawyers in Real Estate Practice (FELIREP) convened to address critical issues plaguing the industry.
The event themed: ‘The Missing Gap: Absence of Revised Laws, Rules, Regulations, Policies, and Effective Monitoring on Emerging Trends in the Nigerian Real Estate Market,’ brought together key real estate stakeholders including government officials, legal experts, and industry leaders.
Odunuga-Bakare emphasised the rapid growth of the Lagos State real estate market and its status as a commercial hub, stressed the need for new legislation to foster transparency, fairness, and sustainable growth in the sector
“The Lagos State real estate market remains a vibrant force within the national economy, attracting investors seeking diversification and steady returns. To ensure its continued success, it is imperative to actively review and update real estate laws, rules, regulations, and policies, while establishing effective monitoring mechanisms,” she noted.
Odunuga-Bakare underscored LASRERA’s role in promoting accountability and protecting stakeholders’ interests through its regulatory oversight.
She added that the Lagos State Real Estate Regulatory Authority (LASRERA) has been pivotal in registering practitioners and enforcing compliance within the sector.
She further highlighted the importance of embracing technological advancements such as the E-GIS digital systems and the state’s land administration portal launched by the Babajide Sanwo-Olu administration.
Earlier, FELIREP President, Peace Anomneze, expressed concerns over the outdated regulatory framework currently governing the country’s real estate landscape.
“In an era marked by rapid transformations and disruptive technologies, our regulatory framework must remain agile and responsive,” she said.
“The missing gap in our regulatory framework must be bridged towards a future characterised by growth, sustainability, and resilience. The absence of updated laws and regulations not only stifles innovation but also exposes stakeholders to risks and uncertainties,” Anomneze said.
Speaking during the panel session on the Roles of industry professionals in Regulating the Market and the Legal Barriers Confronted by the Real Estate Developments, and the need for reform, the Group Managing, SURU Homes, Mr Edward Akinlade, highlighted a comparison between the approval processes in the real estate sector in the United Kingdom and Nigeria, saying that the approval process for real estate projects in Nigeria is not as efficient as expected.
He advised those in the sector to always use professionals so that corruption can be curbed in the sector.
Among the topics discussed at the event include the comparison of foreign laws with Nigerian property laws; the Gaps and recommendations, the roles of the industry professionals in regulating the market and the legal barriers confronted by the real estate developers, and the need for reform.
The founder, Proptech Nigeria, Dr Roland Igbinoba, who spoke during the plenary session, revealed the emerging trends in the real estate and recommended areas for new law, rules, regulations and policy development.
Other speakers include; President, Nigeria Institute of Structural Engineers, Principal Partner, YBA & Co. Solicitors, Olamide Adeleye, Partner, Banwo & Ighedalo, Abimbola Akeredolu (SAN ), and Principal Partner, M A Banire & Associaates, Dr Muiz Banire (SAN), President, Real Estate Developers Association of Nigeria ( REDAN), Akintoye Adeoye, and Director, Centre for Housing and Sustainable Development, Prof Timothy Nubi.