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Estate agencies will not face penalties for late audits until 31 October and fees for mandatory training are waived for this financial year.

Human Settlements Minister Lindiwe Sisulu announced these concessions as part of her Covid-19 impact relief measures during her Budget Vote address earlier this week on 21 July. She said the Estate Agency Affairs Board (EAAB) will publish further details on these matters before 31 July.

The waiving of fees for continuous professional development (CPD) training and penalties for late audits are among the relief measures that the National Property Practitioners Council (NPPC) proposed to the EAAB in May to ease some of the financial pressures on the real estate sector during the pandemic.

Regulations to PPA to be published in 2020

Another priority for the NPPC has been the completion of the regulations to give effect to the new Property Practitioners Act. Minister Sisulu said on Tuesday that these regulations will be published within this year. She added that transformation across the property sector must be insured “because we are convinced that the only sustainable path is that of inclusivity, broad participation and growth in the sector”.

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