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Introduction of the Property Practitioners Bill by Minister of Human Settlements Ms Nomaindia Mfeketo

4 December 2018, National Assembly

Madam Speaker, Honorable Members ladies and gentlemen.

It gives me great pride in introducing the much-anticipated Property Practitioners Bill to this house this afternoon. The current apartheid era legal framework is 40 years old and unsustainable.

"Lo mthetho awusebenzi kwelixesha sikulo"

New legislation must be aligned with values enshrined in our Constitution and the democratic dispensation.

Our Government believes that strengthening the property sector is critical to propel meaningful changes in people`s lives. "Kufuneka kulungiselelwe ukuphucula ubomi babantu bethu" While over the last 40 years, the world and the country has changed, including the transition to democracy in our country - this sector is stagnant and its growth prospects - sterile.

There is no doubt that the need to stimulate this sector is critical for growth and employment. Thus the new Bill proposes to make the sector more investor friendly, competitive and inclusive.

The key objective of this Property Practitioners Bill is to improve the transformation, efficiency, alignment and professionalization of the sector. It repeals the _Estate Agency Affairs Act of 1976, which sought to entrench white privilege in terms of property ownership and participation in the property market by white people. The Property Practitioners Bill aligns the legislative environment with new constitutional and democratic dispensation, and is geared to:

It Establishes the Property Practitioners Regulatory Authority, (the successor of the Estate Agency Affairs Board) to increase access and opportunities for the participation of black people through;

More importantly this Bill is necessary to revitalize and transform the Property sector, and seize the opportunities to create jobs, empower designated groups and to address imbalance in this sector to benefit society as a whole.

Thank You

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