Lagos Cracks Down on Illegal Real Estate Fees and Rising Rents

The Lagos State Government is intensifying efforts to make housing more affordable by cracking down on illegal rental charges and pushing for lower rent prices. Authorities have officially declared fees such as “caution fees” and “inspection fees” unlawful, urging real estate industry leaders to collaborate in easing the financial strain on tenants.

In a public statement issued by Ganiu Lawal, Deputy Director of Public Affairs, the government condemned the practice of imposing unauthorized fees, noting that such actions not only exploit tenants but also damage the reputation of property managers and landlords.

Key stakeholders — including the Nigerian Institution of Estate Surveyors and Valuers, the Real Estate Developers Association of Nigeria, and the Association of Estate Agents in Nigeria — recently met with state officials to address these issues. The meeting, jointly presided over by Commissioner for Housing Moruf Akinderu-Fatai and Special Adviser to the Governor on Housing Barakat Odunuga-Bakare, focused on tackling arbitrary rent hikes and excessive agent commissions while promoting ethical standards in the real estate sector.

Akinderu-Fatai emphasized the difficulties many families face in finding affordable housing, citing rising rents and hidden transaction costs as major barriers. He reaffirmed the government’s support for more flexible rent payment options, such as monthly and quarterly plans, in line with tenancy regulations.

Odunuga-Bakare also referenced the Lagos State Tenancy Law of 2015, which caps allowable real estate transaction fees at 10%. She called on industry players to align with government initiatives aimed at making housing more accessible and transparent for residents.

Leaders of the various real estate bodies expressed their willingness to work alongside the government. They pledged to assist in advocacy campaigns and public education initiatives that promote best practices within the property market.

The session concluded with plans to organize a broader stakeholder forum. This upcoming event will involve representatives from across the real estate value chain — including legal experts from the Nigerian Bar Association — to build stronger, collective support for protecting Lagos residents in housing transactions

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Pelican Valley Gets Additional Seven Approvals Within Few Weeks

ABEOKUTA- A foremost real estate firm in Nigeria, Pelican Valley Nigeria Limited has gotten additional seven building Approvals for his existing clients who are willing to commence building constructions in it Pelican Brief Estate project in Kobape, Ogun State.
Pelican Valley Nigeria Limited is a Nigerian real estate firm behind Pelican Valley Estate, Laderin; Pelican Brief Estate, Pelican Ecostay Apartments and Pelican Greenish Acres Farm Estate at Kobape axis of Ogun State.

It was gathered that, at Pelican Brief Estate, over 900 Nigerians in diaspora have keyed in to the project, with over 150 ongoing building construction in the estate. Over 15 building projects are in there various completion Stages, while about 10 landlords have already moved into the Estate.

According to the director of Operations of the company, Tpl Olumide Akintomide, the new sets of 7 clients that their projects have been successfully approved by the Ogun state Bereau of Urban Planning and Physical Development are Mr. Sokale A O , Mr. O..O Fajimi, Also, Mr. Olaleye Gbolahan O, Mr. Rolan A Alade and joint project by Mr. Gideon O Omagbemi and Mrs, N. Okpa have been gotten full approval to commence their residential development, while Mr. A
T. Oyeyinka and Mrs. Chika Vivian got approval of a Proposed Farm Development at the Pelican Greenish Acres Farm Estate.

Tpl Akintomide stated that In another development, a Nigerian-US based, Mr. Babatunde Abdullahi along with other numerous Clients will soon havr their projects approvals in few weeks time, as the firm has so far gotten over 150 building approvals for existing and potential landlords in the Estate within 2Years

The Director of Operations however congratulated the clients and appreciated them for believing in the vision of the Pelican Estate CEO, Ambassador (Dr) Babatunde Adeyemo, pledging that the Company will leverage on it good legacy and will not relent or deviate from integrity mode of operation that the company has been known for.

He, however, advised all the successful clients to commence development within the stipulated period in there various plots allocation documents, noting that any violation of the Estate allocation terms and conditions with attract a stiff enforcement. – Culled from – The Encounter

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Coastal road: Land prices jump, new investment opportunities open

…as construction work on Phase 1 nears completion

In a very dramatic manner, parcels of land along the 700-kilometre Lagos-Calabar coastal highway have, in the last six to 12 months, seen significant price increases, more so as construction on Phase 1 of the project is nearing completion.

The first phase of the highway, measuring 47.47 kilometres, starts from Ahmadu Bello Way in Victoria Island, Lagos, and ends in Lekki around the Lekki Deep Sea Port and Dangote Refinery axis. It is expected to be completed by May 29, 2025.

People who invested in land in all the areas around Lekki Free Tade Zone, Eleko and Ibeju Lekki had been enjoying considerable value appreciation as a result of the coming of developments such as Dangote Refinery, Lekki Deep Sea Port, among others.

The passing of the coastal highway through this axis has raised property values a lot higher in th as many investors swoop on the area, buying just any available land in anticipation of a further rise in prices in the coming years

“You need to visit these areas, especially all the areas around Ibeju Lekki, and see the level of investment going on there. People are taking position because when the coastal road is completed, you can drive to Victoria Island in less than one hour,” Ololarenwaju Kuyebi, managing director, GMH Luxury, said in an interview recently.

“Land value has gone up by more than 200 percent in the last 12 months in Ibeju Lekki. I know of someone I advised to key into the emerging opportunities in that axis. He bought three plots of land at N1.5 million each and, today, one plot is over N3 million,” he added.

Kuyebi disclosed that people are investing in land banking in that area, describing it as a wise investment decision that will give good return on investment in time to come.

Some real estate development companies are also perfecting plans to invest in that axis in the expectation that demand will come. Odunayo Ojo, the chief executive of UPDC , disclosed recently that Ibeju Lekki is part of their new towns development strategy.

Peter Oyedepo, a Lagos-based realtor, who described the coastal road as a transformative piece of infrastructure that promises to reshape Nigeria’s coastlines, enhancing connectivity and driving economic growth, says investors have every reason to invest along the coastal road.

Oyedepo explained recently that because the coastal road connects cities and towns, making once remote places accessible, it will drive population growth and real estate demand in those cities and towns.

He added that besides its economic growth potential, the coastal road will boost tourism. He explained that because the road passes through beaches, forests, and cultural landmarks, it is a prime spot for tourism-related investment such as resorts, hotels and vacation rentals.

Oyedepo advised that people can invest in both residential and commercial properties such as luxury buildings, affordable apartments, office facilities, malls, warehouses, among others. He hopes that all these will be in high demand in no distant future.

The federal government is already taking position along the coastal highway, as the first phase of the road construction approaches completion deadline

The government is planning to create tolling stations and construct tourist centres along the highway, expecting to draw in investors and enhance the country’s economy.

David Umahi, the minister of works, who disclosed this during an inspection tour of the road recently, said the entire road stretch measuring 700 kilometres is expected to be completed within eight years.

“Along the corridor, you have some lands that have been acquired for tourism, industries, factories, housing estates, etc. So, these are the road architectures that will be seen on this highway. And we also plan to have tolling units,” Umahi said.

According to him, the more than $12 billion superhighway project is also expected to be solarised for easy movement at night and security measures. It is also expected to have a flyover to avoid traffic jams. –
BUSINESSDAY

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