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Property Practitioners Regulatory Authority Launched

February 3, 2022

Department of Human Settlements

The Property Practitioners Regulatory Authority (PPRA) has been launched.

The PPRA flows from the Property Practitioners Act that came into effect on 1 February 2022.

The act, inter alia, provides for the continuation of the Estate Agency Affairs Board as the PPRA.

Speaking at the launch, the human settlements minister, Mmamoloko Kubayi, declared that the new body’s main functions include, among others, to regulate the affairs of all property practitioners; to allow for transformation in the property sector and to provide for consumer protection.

The minister added that the PPRA will have more “reaching power” including inspections without notice and more serious consequences for non-compliance.

The minister highlighted the act’s focus on transformation of the property practitioners sector including capacitation and enterprise support for historically disadvantaged property practitioners; support of existing SMME’s owned by historically disadvantaged property practitioners; supporting existing historically disadvantaged property practitioners to become principal property practitioners and owners of business property practitioners and providing grant support (through the Transformation Fund) to historically disadvantaged property practitioners developing residential properties in the affordable and secondary housing markets.

She expressed confidence that, with a more focused implementation, a “major estate agents company run by the historically disadvantaged can be created in the next few years”.