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Lagos restoring investors’ confidence in real estate sector


The Lagos State Government has stated that efforts towards restoring investors’ confidence in the real estate sector, especially for those in the diaspora, are yielding positive results.

The government maintained that issues of fake/dubious practitioners and other sharp practices in the sector are being frontally addressed by the present administration in the state in collaboration with relevant professional bodies in the industry.

The Special Adviser to the State Governor on Housing, Barr. Barakat Odunuga-Bakare, made this known at the opening session of a two-day Nigeria Investment Summit organised by the Association of Estate Agents in Nigeria (AEAN) held in Victoria Island, last week.

The Special Adviser, according to a release by the Deputy Director, Public Affairs, LASRERA, Adeoti Sobowale, added that LASRERA, the regulatory agency for the sector established by the state government, has been working hand-in-hand with the Federal Government’s law enforcement agencies to combat fraudulent practices and arrest impostors in the sector.

According to her, the establishment of the Agency was aimed at restoring confidence, trust, and protecting the interests of both local and international investors in the state.

She noted that since its establishment, LASRERA has taken significant steps towards promoting investment and development within the state’s real estate sector.

Also speaking, the State Commissioner for Housing, Akinderu Fatai Moruf pointed out the deliberate efforts of Lagos State since 1999, under former Governor Bola Tinubu’s leadership, to lay the groundwork for sustainable development.

He emphasised the collaborations with Private Public Partnership to provide affordable housing schemes and also to uphold the original master plan of the State and praised LASRERA for bringing order into the Real Estate Sector.

On his part, the Commissioner for Physical Planning, Oluyinka Oluyide underscored the need for mandatory registration of buildings, vowing that violators may be prevented from accessing bank loans.

While revealing that the State government has initiated a review of the expired Model City plan for another 20 years to ensure continuous urban development, Oluyide challenged the association to raise the alarm when building and layout plans are violated for necessary action by the present administration.

Also speaking, Industry Experts like Dr. Lolia Idu stressed the importance of integrity, excellence, and continuous monitoring of sector activities for effective networking, while Dr. Christie Kanu emphasised market knowledge and client understanding

The theme of the two-day Nigeria Investment Summit organised by the Association of Estate Agents in Nigeria (AEAN) was “Building Enduring Partnership for a Better Future”.

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