The introduction of a new bill aimed at transforming and better regulating the property market worth R7 trillion started gaining momentum in July 2018 and has now been greenlit by The National Assembly.
Once law, it will introduce several new measures aimed at transforming the sector and making it more inclusive of previously disadvantaged individuals. The Bill replaces the 42-year-old Estate Agency Affairs Act.
The Property Practitioners Bill will not only regulate the conduct of estate agents but also bond brokers, home inspectors, property managers, and developers. Furthermore, the bill also establishes a new regulatory authority to replace the Estate Agency Affairs Board.
"Our government believes that straightening the property sector is critical to propelling meaningful changes in people’s lives. While over the last 40 years the world and the country have changed, this sector is stagnant and its growth prospects are sterile,” said Nomaindia Mfeketo, Human Settlements Minister.
The bill will now be sent to the National Council of Provinces for concurrence before it's handed to the president to sign into law.