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Sanwo-Olu tasks real estate practitioners on int’l best practice

Lagos State governor, Babajide Sanwo-Olu has urged real estate practitioners to adopt international best practice so as to enhance accessibility to housing and contribute to economic and social development.

The governor made the call at a policy roundtable dialogue on international best practices on real estate regulations, an event organised by the state’s Real Estate Regulatory Authority.

The event brought high-profile stakeholders together to discuss global standards in driving foreign investments in the sector.

“Shelter is one of the three most important needs of humans. Real estate developers need to make housing easier and more accessible by building the kind of houses that target the different socio-economic classes,” he said.

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Like other sectors, the real estate industry is plagued by quacks and fraudsters and this is a challenge that the Lagos State Real Estate Regulatory Authority (LASRERA) is committed to solving and maintaining a cordial relationship with the practitioners in line with the world’s top global cities in terms of the property market.

Through the launch of LASRERA’s portal, the agency seeks to make it easy for potential customers who are willing to either buy or sell property to do so from licensed real estate practitioners/property developers without any fear.

The special adviser to the state governor on housing, Toke Benson-Awoyinka said that the event, as well as the launch of the portal, aim to eradicate all forms of quackery and fraudulent practices that are pervasive in the sector.

She said there were over 15 million Nigerians living in the diaspora and who would want to invest in Nigeria’s real estate market, however, trust and safety in the sector have been an inhibiting factor.

“We need to allay the fears of international investors who are interested in purchasing properties in Nigeria, especially in Lagos State but have not been forthcoming due to perceived fraudulent practices in the sector,” Benson-Awoyinka said.

Calling on stakeholders to register on the portal, Benson-Awoyinka said the reason for always emphasising registration by the real estate practitioners/property developers was to protect citizens from imposters, fraudsters and reduce sharp practices associated with some unauthorized individuals who are not registered members of any association in Lagos State or Nigeria.

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