#JustIn: Competition watchdog to monitor property valuation industry

The Namibian Competition Commission (NaCC) has said it will monitor developments in the property valuation industry for possible anti-competitive practices, which may thereafter come under competition law scrutiny.

The watchdog today issued a statement, saying it received complaints that four commercial banks’ actions create barriers to entry for external valuers who are not part of these banks’ property valuers’ panels.

The NaCC assessed the issue and noted that there “exist structural barriers to enter the market by virtue of the absence of the establishment and operationalisation of the Namibian Council for the Property Valuers Profession in terms of the Property Valuers Profession Act No.7 of 2012”.

According to the NaCC, it has by way of an advisory opinion, engaged the minister of agriculture, water and land reform, Calle Schlettwein, as the custodian of the Property Valuers Profession Act No.7 of 2012, with a proposal on how to provide effective redress.

In the meantime, the NaCC reserves its rights to initiate an investigation of any possible anti-competitive practices in future, should the need arise, the watchdog said.