Newsletter: Property Practitioners Act, 2024 - Signed into Law

The Property Practitioners Act, 2024 (Act No. 11 of 2024) was signed into law by His Excellency The President of Namibia.

This represents a transformative step for Namibia's property industry, repealing the outdated Estate Agents Act of 1976 and establishing the Property Practitioners Regulatory Authority. This Authority will oversee all property practitioners, including estate agents, property developers, auctioneers, and property managers, ensuring comprehensive regulation and consumer protection.

Key features include the issuance of Fidelity Fund Certificates to safeguard consumer funds and expanded governance structures under the Public Enterprises and Governance Act of 2019. The Bill aligns Namibia’s property sector with international standards, addressing current and future challenges while fostering transparency and accountability.

This consumer-centric legislation emphasizes protecting clients' most valuable assets—their properties. By broadening the scope of certification to encompass all property practitioners, the Bill enhances the legal and institutional framework, ensuring that the sector is responsive to modern realities. With these improvements, the Property Practitioners Act aims to establish a fair, secure, and efficient property market, providing a solid foundation for consumer confidence and trust.

Download Property Practitioners Act