NEAB - Fee Adjustment Notice - 2025!

Dear Esteemed Clients,

The Namibia Estate Agents Board (NEAB) extends its sincere gratitude for your continued support and partnership. NEAB wishes to formally communicate an important update regarding adjustments to our fee structure. After careful consideration and benchmarking against regional standards, the Board has determined that a fee increment is necessary to ensure the continued delivery of high-quality services and to maintain operational efficiency.

Fee Adjustment Background

The last adjustment to our fee structure was implemented in 2015. Over the past decade, the NEAB has strived to enhance its services, introduce new initiatives, and improve regulatory frameworks to better serve the real estate industry. However, the current fee structure no longer reflects today's economic realities, necessitating this adjustment.

Key Reasons for the Fee Increment

1. Inflationary Pressures: The cumulative effect of inflation since 2015 has eroded the value of the current fees, making it challenging to sustain the quality of services provided.

2. Increased Cost of Service Delivery: The NEAB has introduced several improvements, including enhanced training programs, streamlined regulatory processes, and upgraded technological systems, all of which require additional resources.

3. Regional Benchmarking: A comparative analysis of fees in neighboring countries, such as South Africa and Zimbabwe, reveals that Namibia's fees remain below regional averages despite the higher costs associated with delivering comparable services.

Value Proposition

The fee adjustment will enable the NEAB to:

• Continue providing high-quality regulatory oversight to maintain industry standards.

• Invest in advanced training programs for estate agents to enhance professionalism and compliance.

• Improve operational efficiency through upgraded systems and processes.

• Introduce new services that benefit both estate agents and their clients.

Sensitivity and Empathy

We understand that fee adjustments may raise concerns, and we empathize with the potential impact on your operations. Please rest assured that this decision was not taken lightly. The NEAB remains committed to supporting the real estate industry and ensuring that the fee structure is fair, transparent, and aligned with the value we deliver.

Effective Date

The new fee structure's effective date will be shared with you once it has been Gazetted. A detailed breakdown of the adjusted fees will be shared in the coming months, along with additional resources to help you understand the changes.

Next Steps

• We will host informational webinars to address any questions or concerns you may have.

• A comprehensive FAQ document will be made available on our website and shared via email.

• Our team is available to provide personalized support to ensure a smooth transition.

Conclusion

The NEAB remains dedicated to advancing Namibia's thriving and professional real estate industry. This fee adjustment is necessary to ensure that we can continue to meet the evolving needs of our stakeholders and maintain the highest standards of service delivery.

We appreciate your understanding and continued support. Should you have any questions or require further clarification, please do not hesitate to contact us at info@neab.co.na

Yours Sincerely,

Mr. Festus Unengu

Manager: Namibia Estate Agents Board