LASRERA and lawyers complain about reforms of the law regulating the real estate market

The Lagos State Real Estate Regulatory Authority and Female Lawyers in Real Estate Practice have called for reform of statutory provisions to strengthen the regulatory framework for the real estate industry in the country.

The information was made public on Thursday at the inaugural FELIREP conference titled “Missing Gaps: Lack of Amended Laws, Rules, Regulations, Policies and Effective Monitoring of Emerging Trends in the Nigerian Real Estate Market” in Lagos.

The Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, has emphasised the critical role of government in reforming and modernising real estate laws and regulations to meet the current needs of investors and other stakeholders in the construction sector.

She expressed the view on Thursday while speaking at the inaugural Women Lawyers in Real Estate conference, convened to discuss key issues plaguing the industry.

The event, held in Lagos, brought together key stakeholders in the real estate industry, including government representatives, legal experts and industry leaders to discuss

Highlighting the rapid growth of the real estate market in Lagos State and its status as a commercial hub, Odunuga-Bakare stressed the need for updated regulations that will foster transparency, fairness and sustainable growth in the sector.

Highlighting LASRERA’s role in promoting accountability and protecting stakeholder interests through regulatory oversight, the Special Adviser noted that LASRERA played a key role in registering practitioners and enforcing regulatory compliance in the sector.

She stressed the importance of taking advantage of technological advances such as the digital E-GIS systems and the state land administration portal launched by the administration of Governor Babajide Sanwo-Olu.

Earlier in her welcome address, FELIREP President, Peace Anomneze expressed concern over the outdated laws that currently govern the real estate market in Nigeria.

She said: “In an era of rapid transformation and disruptive technologies, our regulatory framework must remain flexible and responsive.

“The missing gaps in our regulatory framework must be filled towards a future of growth, sustainability and resilience. The lack of updated rules and regulations not only stifles innovation but also exposes stakeholders to risk and uncertainty.”

Speaking at a panel discussion on the role of industry professionals in regulating the market and the legal barriers facing real estate investments and the need for reforms, the Group Managing Director, SURU Homes, Mr. Edward Akinlade, highlighted a comparison of the project approval processes in the real estate sector in the UK and Nigeria, stating that the project approval process in the real estate sector in Nigeria is not as efficient as expected.

He therefore recommended that the construction industry always use the services of professionals to reduce corruption in the sector.

The conference concluded with an appeal to all stakeholders to work closely together to promote comprehensive reforms in the real estate sector.

Participants agreed that regulatory changes are urgently needed to support sustainable development, increase market credibility and ensure the sector aligns with global best practices.