Revamping Real Estate Practices in Nigeria: A Call for Reform
The Lagos State Real Estate Regulatory Authority and Female Lawyers in Real Estate Practice recently united to advocate for reforms in statutory provisions to improve the regulatory framework for real estate practices in Nigeria. At the FELIREP conference themed “The Missing Gap,” stakeholders emphasized the need for updated laws and regulations to address critical issues in the industry.
Special Adviser to the Lagos State Governor on Housing, Barakat Odunuga-Bakare, highlighted the government’s role in modernizing real estate laws to meet current demands. She stressed the importance of transparency, fairness, and sustainable growth in the sector, especially in the rapidly expanding Lagos real estate market.
The conference, attended by key real estate stakeholders, underscored the significance of embracing technological advancements and regulatory oversight to protect stakeholders’ interests. Participants called for collaborative efforts to advocate for legislative amendments that would enhance market credibility and align the sector with global best practices.
In conclusion, the event emphasized the need for a proactive approach towards comprehensive reforms in the real estate sector to foster growth, sustainability, and resilience.