The Minister of Industrialization and Trade, Lucia Iipumbu, tabled the Property Practitioners Bill in Parliament yesterday. 

The bill, which replaces the outdated Estate Agents Act of 1976, aims to modernise and enhance the regulatory framework governing property practitioners in the country.

Iipumbu highlighted the significance of the legislative proposal, which seeks to establish the Property Practitioner Regulatory Authority as well as regulate the activities of the property industry.

"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."

She underscored the consumer-centric nature of the bill, aiming to provide robust protection for individuals engaging with property practitioners. 

The Property Practitioners Bill is set to reshape the landscape of property transactions in the country.

"The bill introduces a critical consumer protection mechanism through the Fidelity Fund Certificate. This certificate will safeguard clients' funds entrusted to property practitioners, offering recourse in cases of theft. It addresses the limitations of the existing framework and introduces necessary reforms to protect consumers and ensure the integrity of property practitioners."

The proposed bill marks a transformative step for Namibia's property industry, aiming to create a transparent, accountable, and consumer-friendly environment.