Influx of unqualified practitioners, major challenge in real estate sector —Expert

The influx of unqualified practitioners has been described as a major challenge confronting the real estate industry in Nigeria.

This challenge, Director, Monitoring and Compliance, Lagos State Real Estate Regulations Authority (LASRERA), Mrs. Temitope Akinbola, an estate surveyor, said had negatively impacted the sector’s credibility and growth.

She urged all stakeholders including investors, developers and real estate professionals to advocate for ethical practices and also register with LASRERA to enhance regulation and credibility as well as foster an environment where real estate investments could thrive safely and sustainably.

Akinbola, who represented the Special Adviser on Housing at the just concluded PRINVEST 2025 with the theme: “The Future of Real Estate: Harnessing Demographics, Urbanisation, and Opportunities Amid Economic Shifts,” said that Nigerian real estate sector presented immense opportunities for economic growth, yet many of these opportunities have remained untapped by most investors and industry practitioners.

With Lagos State being a reflection of Nigeria’s urbanisation and also one of the fastest growing urban areas in the world economically,  she pointed out that the increasing demand for residential, commercial, and industrial properties had given rise to fraudulent practices, such as multiple allocations of the same property to different tenants, inflated rent prices, and substandard construction projects.

These issues, she said did not only discourage investors but also pose a serious threat to public trust and investor confidence as key elements of property investment in the sector. 

She said: “Another critical issue is the inadequate implementation and enforcement of property laws.”

According to her, absence of strict regulatory oversight has led to numerous cases where investors are defrauded or deprived of properties they have legally acquired.

However, the director pointed out that the initiative of the Lagos State Government in establishing the Lagos State Real Estate Regulatory Authority has been a step in the right direction in eliminating unethical practices and enhancing transparency in the real estate sector, which, according to her, offered investors a healthy playing ground for property investment.

The alarming frequency of building collapses across Nigeria, she said has further highlighted the urgent need for stringent building standards and enforcement mechanisms.

She suggested that contractors and developers who failed to adhere to proper construction standards must face strict penalties to deter negligence and ensure public safety.

“The growing appeal of Lagos state as a tourism and a business destination attracts millions of people each year despite the stringent economic situation being experienced and this is a major opportunity investors should continue to leverage.

“This appeal has created a surge in the demand for shortlets which unlike hotels offer a homely atmosphere and are more affordable and offer quick financial returns for investors.

“The rise for remote work adds to this need for shortlets,” she said

She assured that the  Lagos State is committed to transforming the real estate industry through the Lagos State Real Estate Regulatory Authority (LASRERA).

“We have leveraged technology to improve ease of doing business for investors,” she said, adding that the agency has an online platform that provides access to accredited real estate practitioners, ensuring transparency and protecting investors from fraudulent activities.

“As we continue to regulate and professionalize the sector, I urge all stakeholders —investors, developers, and real estate professionals—to advocate for ethical practices and also register with LASRERA to enhance regulation and credibility as well as foster an environment where real estate investments can thrive safely and sustainably.

“The Lagos State Government remains committed to providing an enabling environment for real estate growth, ensuring that lives and properties are protected,” Akinbola said.

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