THE government has revealed plans to strengthen regulations governing the real estate sector in Zimbabwe to protect investors from fraudulent activities.
This is in response to the mushrooming of bogus agents fleecing unsuspecting estate investors.
Speaking at the unveiling of the Estates Agents Council of Zimbabwe (EACZ) premises in Harare Friday, Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi said the government is pushing for the amendment of the Estates Agents Act.
“Congruently, the government will remain steadfastly dedicated to empowering the Estate Agents Council and Estate Agents to fulfil their responsibilities efficiently.
“We will continue to collaborate closely to review and amend any legislative frameworks needed to foster a vibrant and responsive real estate sector that safeguards the public from unlawful and unregistered estate agents.
“In this regard, I can confirm that the ministry is actively pursuing amendments to strengthen the Estate Agents Act, with a particular focus on improving its corporate governance structure amongst other amendments.
“Nevertheless, it is important to stress that we expect absolute transparency and accountability, from all parties involved. Consequently, individuals involved in fraudulent practices, including bogus real estate agents, will face the long arm of the law.
“Let me reiterate that any attempts to undermine lawful enterprises in this sector will be strongly opposed, and violations thereof will be prosecuted without fear or favour,” said Ziyambi.
The amendments will focus on enhancing the EACZ corporate governance structure to tighten the screws against bogus agents.
EACZ, a regulatory body established by Parliament, oversees the registration of estate agents and ensures they adhere to industry standards in the country.
Ziyambi said estate agencies play a crucial role in uplifting the country’s economy.
“The Second Republic places greater emphasis on safeguarding property rights, as this facilitates economic growth. In pursuit of this growth, the government has embedded the promotion and protection of property rights in the National Development Strategy 1 policy and the Vision 2030 Agenda,” the justice minister said. — NewZimbabwe