Estate surveyors respond to proposed monthly rent payments in Lagos, lists issues to be addressed

• The Lagos authorities authorities is intensifying efforts to revolutionise lodging successful the authorities and code captious challenges
• The authorities precocious raised the contented of monthly and quarterly rental payments for houses and properties successful the state
• The authoritative radical of property surveyors has responded to the government's proposal, with a database of things that indispensable beryllium successful spot earlier monthly rents tin beryllium achieved successful Lagos state

Legit.ng journalist Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful concern reporting crossed integer and mainstream media.

The Lagos authorities authorities precocious unveiled plans to present the signifier of monthly and quarterly rent payments successful the state.

This move, according to the government, would easiness the fiscal load for residents. The authorities authorities said it was engaging with spot owners to execute the extremity and that the aviator signifier would footwear disconnected soon.

The Nigerian Institution of Estate Surveyors & Valuers (NIESV) has responded to the government’s connection for monthly rent payments.

Lagosians tin present study lodging agents and landlords for excessive and arbitrary charges. Photo credit: Pius Utomi Ekpei/Bloomberg
Source: Getty Images

Estate surveyors database conditions for monthly rent payments

Chairman of the Lagos authorities chapter, Gbenga Ismail, noted that portion the proposition of monthly rent successful Lagos authorities is commendable connected paper, the authorities needs to supply ineligible clarity and infrastructural support.

Mr. Ismail suggested that the authorities should conception lodging estates to amended the proviso of housing, and past travel up with a Lagos rent argumentation to supply ineligible backing to the thought earlier involving the backstage sector.

In a chat with journalists, Ismail commended the authorities for reasoning successful a absorption that would ameliorate the hardships of Lagosians arsenic the economical winds get tougher.

He agreed that portion multiple-year rent payments whitethorn beryllium good for businesses and people successful the high-income brackets, the concern is antithetic for galore others due to the fact that of the economical peculiarities.

He, however, pointed retired that the connection lone addresses the contented to support the tenants without looking astatine the spot owners and developers who whitethorn request to recoup immoderate investments, the NATION reports.

Lagos caps cause fees astatine 10%, opens complaints channels

One of the ongoing reforms successful the Lagos authorities existent property assemblage is that the authorities is acceptable to enforce a 10% headdress connected cause fees.

This is the percent legally covered by the LASRERA law, and the authorities has launched reporting channels for residents to study agents who default.

Residents can besides study landlords who arbitrarily enforce further charges oregon randomly summation rents by up to 100%.

The determination has triggered reactions and feedback from Lagosians, who besides made suggestions connected however the authorities tin amended enforce compliance.

Experts Warn of Property Supply Issues If Policy Is Enforced

Mr. Gbenga Ismail, who is besides the Principal partner, Ismail & Partners, said further that a nonstop implementation could impact the availability of rental properties crossed Lagos.

Commenting connected the outgo of properties and rentals successful Lagos state, Ismail remarked that the authorities tin assistance the concern by introducing robust policies to amended entree to affordable land, affordable gathering materials, among others.

Governor Sanwo-Olu has shared plans to instrumentality monthly rent outgo successful Lagos state. Photo credit: Ark properties/ LASG
Source: UGC

His words;

“Government should let onshore to beryllium accessed cheaply astatine marginal outgo and amortise it implicit years, allowing the builder to physique softly portion the authorities earns their monies done crushed rent fees and different fees related to lodging income. “It is unfortunate that implicit 70% of finishing lodging products are imported. If a three-bedroom level goes for N15 cardinal wherever is the affordability for an mean Nigerian?”

Fashola and Real Estate Experts Back Monthly Rent Nationwide

In related news, Former Lagos State Governor, Babatunde Fashola, is starring existent property professionals to propulsion for monthly rental payments crossed Nigeria alternatively of annually.

Legit.ng reported that these issues were raised astatine the Wemabod Real Estate Outlook 2025 lawsuit successful Lagos, which focused connected however existent property tin assistance Nigeria’s economy recover.

Fashola, who erstwhile served arsenic Minister of Power, Works, and Housing, said that if rent payments align with monthly salaries, it could assistance power ostentation and mightiness adjacent trim it.

PAY ATTENTION: Сheck retired quality that is picked exactly for YOU ➡️ find the “Recommended for you” artifact connected the location leafage and enjoy!

Source: Legit.ng