The Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, has emphasized the crucial role of government in modernizing real estate laws to meet current demands. Speaking at the inaugural conference of Female Lawyers in Real Estate Practice (FELIREP) over the weekend, Odunuga-Bakare highlighted the need for updated legislation to promote transparency and sustainable growth in Lagos State’s booming real estate market.

The event, themed “The Missing Gap: Absence of Revised Laws, Rules, Regulations, Policies, and Effective Monitoring on Emerging Trends in the Nigerian Real Estate Market,” brought together key stakeholders, including government officials, legal experts, and industry leaders. Odunuga-Bakare stressed the importance of reforming real estate laws to foster a fair and vibrant market.

“The Lagos State property market remains a dynamic force within the nationwide economy, bring in investors seeking diversification and consistent returns. To ensure its ongoing success, it is necessary to actively examine and upgrade real estate laws, rules, guidelines, and policies while developing effective tracking mechanisms,” she noted.

She highlighted the pivotal role of the Lagos State Real Estate Regulatory Authority (LASRERA) in promoting accountability and protecting stakeholders’ interests through regulatory oversight. LASRERA has been instrumental in registering practitioners and enforcing compliance within the sector. Odunuga-Bakare also underscored the importance of embracing technological advancements such as the E-GIS digital systems and the state’s land administration portal launched under Governor Babajide Sanwo-Olu’s administration.

FELIREP President Peace Anomneze expressed concerns over the outdated regulatory framework governing the Nigerian real estate landscape. “In an era marked by rapid transformations and disruptive technologies, our regulatory framework must remain agile and responsive. The absence of updated laws and regulations not only stifles innovation but also exposes stakeholders to risks and uncertainties,” she urged. During a panel session, Edward Akinlade, Group Managing Director of SURU Homes, compared the approval processes in the UK and Nigeria, highlighting inefficiencies in Nigeria.

He advised professionals in the sector to maintain integrity to curb corruption. Participants at the conference agreed on the urgent need for legislative amendments to foster sustainable development, enhance market credibility, and ensure alignment with global best practices.