It’s common knowledge in Lagos state that Estate Agents are exploitative, however, could this perhaps be a mirror of the rots and inadequacies in the Nigerian Real Estate Sector? We shall find out from passersby in the streets of Ogba, Lagos state.
House-hunting in Lagos state is considered one of the most daunting and frustrating experiences for an adult resident in Lagos, especially urban areas. Not only are the fees considered exploitative and exorbitant by tenants, starting from the inspection fee, caution fee, agreement and commission fee, damages, and the actual rent paid to the landlord, the fees are charged by percentages of the basic rent; many also think that the monies paid to rent apartments in Lagos state is ridiculously less compared to other regions of the federation. In this feature story, we shall find out from the horses mouth: from the perspectives of estate agents, Landlords and tenants on the issues in the real estate industry.
A netizen with handle @ejemirazore said the following via a post he made on X on the 7th of March 2025:
“lagos agents are the most greedy people i know. you already set 20% of agency fee which is already an exorbitant fee but no, you must collect 5K from at least 15 interested people before you agree to show them property. and just 1 of those 15 is probably going to get it” . Another netizen with the handle @Nazannwa posted on X: “House hunting in Lagos is a sport. Landlords are unreasonable because why are agent and agreement fees almost double the rent fee? Why are Igbo people a threat to you? Why won’t you rent out to single women?
The rooms are tiny & there is no room for ventilation. Just POP & vibes”
According to words on the streets on inquiries from estate agents, to get a standard self contain in Lagos state within Ogba/ Ojodu Berger axis, a standard room and parlor self contain goes for an average of 800K per year, and initial payment can run into over a million factoring in other fees like, agreement and commission, caution fees.
A source – an estate agent – revealed that there’s a problem of overpopulation in Lagos which has put pressures on the houses available, and prices tend to shoot up when there’s pressure on scarce resources.
However, the inspection fees are charged so as to compensate them for their stress and also their sources from whom they get notifications whenever there’re vacancies. He revealed that to get a standard
Speaking to a Landlord and real estate connoisseur, Gaolat Properties, he revealed to us that the root cause of the housing crisis in Nigeria, specifically Lagos state is economic, the government have neglected their duties in making robust legislations to protect the interests of both the tenants and landlord.
