The Lagos State government has committed to addressing the myriad challenges hindering the full growth of the industry by enforcing all relevant laws guiding real estate investment across the state.

Governor Babajide Sanwo-Olu, represented by the Commissioner for Housing, Moruf Akinderu-Fatai, emphasized the significance of effective regulation as a shield against challenges posed by unregulated development. The amended LASRERA law, signed in February last year, recognizes the pivotal role of real estate regulation in disaster mitigation.

Sanwo-Olu stressed the need for adherence to established rules and regulations in the built industry. Through measures like licensing and certification by LASRERA, professionals can adhere to ethical standards, ensuring consumer confidence, fair competition, and quality assurance.

The government maintains a zero-tolerance policy against non-compliance to sustain investor confidence in the real estate sector.

Real estate, contributing 5.31% to Lagos GDP in Q1, 2023, has the potential to create jobs, bridge housing deficits, and boost economic growth. The budget for affordable housing in Lagos exceeded N67 billion in the current year. Despite the sector facing challenges like building collapses, demolitions, and fraud, the focus is on embracing best practices to mitigate disasters. Special Adviser to the Governor on Housing, Barakat Bakare, stressed the need for unity and adherence to quality control measures and ethics in the profession.

Gboyega Fatimilehin, in his goodwill message, praised the forum for restoring standards, transparency, and ethical conduct in the industry. He advocated for the establishment of a special tribunal to expedite real estate-related cases, ensuring value is not lost due to lengthy court proceedings.


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