Lagos Assembly Passed The Second Reading of Real Estate Regulations in the State
Following the menace the Lagos state real estate industry has witnessed from quacks posing as realtors and land grabbers, a bill to regulate real estate activities within the state has passed a second reading. With regards to the content of the bill, here are some pin point from the house floor;
- Sanction for unlicensed estate practitioners and agency
- Data collection and collation on property transactions
- Dispensation of justice against erring practitioners
- Registry for estate agents/developers in the state
On the issue of licensing, currently, the Nigerian Institute of Estate Surveyors and Valuers (NIESV) and other government approved Real Estate Associations have put in place measures to discipline erring members including control and supervision of real estate agents.
Nonetheless, data collection and gathering is key in order to identify the number of real estate agents, the associations, and other key sectors.
Commissions in real estate is the industry selling point, hence, the attraction from many young Nigerians to get into the business as a “side hustle.” Perhaps, an acceptable and minimum requirement for licensing must be put in place. Every contribution towards the economy in that sector should be welcomed.
Now that real estate is more of online selling rather than the conventional means.