Property Practitioners Act needs more clarity – here’s what the experts know

In comparison to other careers with similar earning and growth potential in South Africa, becoming a property practitioner is not a typical career choice. Despite the benefits a career in this versatile sector offers, many have been deterred due to the onerous pathway to qualify.

Rode Report: Worst is over for rental slump

The highly recommended Rode Report that analyses and reports on most sectors of the property market in the metropolitan areas and some secondary cities, was recently released for Quarter 1 of 2022.

Special Notice by the PPRA

Please note that we are currently in a transition phase in fully implementing the Property Practitioners Act 22/2019 and the registration and issuing of PPRA FFCs to all property practitioners.

In the interim we are granting exemptions to all new property practitioners who cannot yet obtain registration and / or FFCs under the new Act.

We kindly request that you compete the attached exemption form with the required details, and attach a copy of your ID document. If you are applying on behalf of a company or cc also, please list both applicants, with their details and attach a board resolution supporting the application as well.

We will consider this and forward to you a letter exempting you from having an FFC to operate until 31/8/2022, in order to allow you to operate legally while we phase in the registration and issuing of FFCs to all practitioners. One application can be done for multiple applicants as long as the full names, ID numbers and ID documents of the practitioners are properly included in the exemption application.

Please forward these documents to Nolwando.xwazi@eaab.org.za who will expedite the application, and exemption letters will be issued promptly”.

Conversion trend accelerating due changing workforce

The conversion of commercial spaces into residential units is nothing new to the South African property sector. It is a trend that began well before Covid-19, but it has accelerated significantly in the last two years. Lockdown forced companies to accept that a remote workforce is not only viable but can also deliver improved cost and productivity efficiencies.

Geopolitical risks may spur a re-evaluation some segments of the SA property market

SPEAKERS CORNER: Over the last 14 years, South African listed property companies have been investing offshore to diversify from the limited prospects offered by the South African economy. This process was spurred on by a confluence of several factors, including attractive asset pricing and yields in the immediate post-Global Financial Crisis era, continued relaxation of exchange controls in South Africa as well as the opportunity for geographical and currency diversification.