Newly appointed chairperson of the Namibia Estate Board (NAEB), Marvel Tjombonde, has said the adoption of the Property Practitioners Bill by Parliament is one of the board’s top priorities.

The new board, which is appointed for a three-year period, was inaugurated by Industrialisation and Trade Minister Lucia Iipumbu on Monday. The NAEB is mandated to govern and regulate the estate agent sector in the country.

Tjombonde said the board was appointed at a crucial time when the real estate industry in Namibia is entering a stage of transformation with the pending approval of the bill by Parliament.

“As board members, one of the main priorities in our first year alongside the portfolio minister is to ensure this is adopted as an act of Parliament as soon as possible and implemented efficiently and effectively,” she said.

Once implemented, Tjombonde said, the consumer-centric legislation will restore the credibility of the estate agency profession.

“The act will further allow the board to strategically oversee the transformation of the NEAB to the Namibian Property Practitioners Authority, which will be responsible for regulating the affairs of all property practitioners,” she said.

The new legislation will repeal the Estate Agency Act 112 of 1976.

According to the bill, property practitioners are anyone who collects rent on another person’s behalf or canvasses for landlords, tenants, buyers, or sellers of properties.

Tjombonde, who is a legal practitioner, is deputised by Abel Sidano, an economist. Other members of board are financial expert Simeon Kahona, human resources specialist Liberty Mupopiwa, and estate agent Dickson Swanepoel.

“As a united and proactive board, we will lay the foundation for the trialling and ethical property sectors that contribute significantly to the broader Namibian economy. Our success will be measured not only by regulating compliance but also by the positive impact we create in the lives of everyday Namibians.”

Minister Iipumbu, on her part, called on board members to adhere to corporate governance standards, adding that it is the cornerstone for any institution’s success.

Source: The Namibia Press Agency