Draft Property Practitioners Bill in the Pipeline

Department of Human Settlements

A Draft Property Practitioners Bill will be published for comment during 2017.

This was confirmed during a Social Protection, Community and Human Development Post-SONA Cluster media briefing this week.

President Zuma mentioned the draft bill during the State of the Nation Address in February.

According to the latest statement, the proposed legislation aims to repeal the current Estate Agency Affairs Act to establish a more inclusive, representative property sector.

The draft bill will also seek to create an “enabling environment to enhance economic activity within the real estate market which includes residential, commercial and industrial property.”

It will also set up an inclusive property sector that “conforms to the radical economic transformation agenda.”

“There is a need to enhance compliance and enforcement to ensure transformation within the sector, and to regulate the conduct and behavior of property practitioners.”

The cluster briefing indicated that the draft bill was before cabinet for approval.

Following the latest cabinet meeting held on 1 March 2017, the draft bill has been approved for public comment.

The cluster briefing also announced that the process to amalgamate the Rural Housing Loan Fund, National Housing Finance Corporation and National Urban Reconstruction and Housing Agency into the Human Settlements Development Bank was at an advanced stage. The envisaged bank would be launched in the new financial year.

Sabinet Cape Town Office