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Proposed new property practitioners law to protect consumers

Jemima Beukes
Minister of industrialisation and trade, Lucia Iipumbu, has proposed a new Property Practitioners Bill intended to transform the landscape of the property market by establishing an appropriate institutional and legal framework responsive to current realities.

In her motivation, the minister explained that property practitioners deal with what are often their clients’ most valuable assets, and as such, the protection of consumers of agency services should be a fundamental guiding principle for the regulation and certification of property practitioners.

"It is imperative that the legal and institutional framework be tested against current and future needs and comparisons be made with the developments taking place regionally and internationally to establish the relevance and effectiveness of the proposed law."

Wider definitions

In addition to the certification of traditional estate agents, the Bill has introduced the certification of, among others, auctioneers, property developers, and property managers who will collectively be known as property practitioners in order to adequately protect consumers of agency services.

"While it has become evident that the players in the sale or rental agency transactions are not limited to estate agents, the application of the existing Act is limited to estate agents. The Property Practitioners Bill includes key stakeholders that have a role to play in the property industry, encompassing not only estate agents but also property developers, auctioneers and property managers. It is worth noting that this piece of legislation is consumer-centric and aims to provide protection to the consumer within the property sector," Iipumbu said.

She emphasised that these measures are an important step in light of the developments around the consumer protection law.

Iipumbu added that it is imperative that adequate protection be accorded to consumers when dealing with their most valuable assets, such as properties.

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Namibian Sun 2024-07-17

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 465.39/OZ DOWN -0.0012 | Copper US$ 4.41/lb DOWN -0.0104 | Zinc US$ 2 872.30/T DOWN -1.05% | Brent Crude Oil US$ 85.07/BBP UP +1.06% | Platinum US$ 1 009.32/OZ UP +0.67%