A leading real estate group has sounded the alarm over the rising number of fake property agents defrauding Nigerians in the housing market. The surge in unscrupulous individuals posing as legitimate agents is causing heavy financial losses for aspiring homeowners and landlords, making an already stressful process even more risky.

The Real Estate Developers Association of Nigeria (REDAN) and other stakeholders are calling for urgent action as reports of fake agents continue to flood in across major cities like Lagos, Abuja, and Port Harcourt. These impostors often use flashy adverts on social media, fake company names, and forged documents to lure unsuspecting clients. Victims pay substantial sums for non-existent properties or end up with forged titles that lead to court battles and loss of life savings.

For many young professionals and families, buying or renting a home is a major milestone. But the activities of these fraudsters are eroding trust in the sector. A mother in Lagos recently shared how she lost ₦5 million to a smooth-talking “agent” who disappeared after collecting a deposit for a family house that never existed. Stories like this are becoming too common, leaving people scared to transact in the property market.

The group is urging prospective buyers and renters to verify agents through registered associations, demand proper identification, and insist on visiting physical offices. They also recommend working only with licensed professionals who can provide verifiable track records and legal documentation.

Regulators and law enforcement are being called upon to crack down on these fake operators. This includes stricter licensing requirements, public awareness campaigns, and swift prosecution of offenders. Technology solutions like a national database of verified agents could also help clean up the industry.

In Nigeria’s booming real estate sector, genuine agents provide valuable services connecting people with decent homes. But the proliferation of fakes threatens this progress and scares away honest investment.

As the warning spreads, the message is clear: be vigilant. Nigerians deserve a transparent property market where dreams of owning a home are protected, not shattered by fraud. Collective action from industry groups, government, and citizens can help restore confidence and drive genuine growth in the sector.