New legislation for SA’s property sector barely makes any reference to transformation of the sector. Property practitioners say excessive legislation and the fundamental nature of the industry are among the barriers to entry for new participants, which hinders transformation. Business Day has a recent version of the Property Practitioners Bill of 2016, which repeals the Estate Agency Affairs Act of 1976. The bill has been through many drafts over the past few years. Some property professionals say excessive regulation is the biggest barrier to transformation. The version Business Day has seen contains only this paragraph with respect to transformation: "The Property Sector Transformation Charter contemplated in Section 9 (1) of the Broad-Based Black Economic Empowerment Act, 2003 (Act No. 53 of 2003), applies to all property practitioners." The charter, which is long overdue, is also expected to be published this year. Several estate agencies and industry bodies contacted about the ...
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