Business / Local
Real estate sector demands tougher penalties for bogus agencies
3 hrs ago |
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HARARE - The Estate Agents Council of Zimbabwe (EACZ) has urged the government to impose harsher penalties on bogus real estate agencies, citing a surge in fraudulent property transactions that continue to exploit unsuspecting home seekers.
Speaking during the 2025 National Real Estate Day celebrations in Harare, EACZ Chairman Nicodemus Kuipa called for mandatory sentencing reforms and updated fines, likening property fraud to stock theft in terms of its economic and social impact.
"We have been collaborating with law enforcement agencies, in particular the Zimbabwe Republic Police, in our tireless quest to fish out bogus operators masquerading as genuine agencies," Kuipa said.
He added that the EACZ is actively engaging the Ministry of Justice to ensure penalties are scaled up to deter repeat offenders.
The council has also launched public awareness campaigns, including billboards along major highways, to educate citizens on verifying estate agents' credentials before engaging in property transactions.
Meanwhile, Tapiwa Godzi, Chief Director in the Ministry of Justice, reaffirmed the government's commitment to creating an enabling environment for housing investment, stressing the importance of land tenure security, transparent land allocation, and inclusive housing development.
"Government will continue to streamline land and housing policies, ensuring fair and transparent access to land," Godzi said.
He also called on financial institutions to develop flexible mortgage and microfinance products tailored to the needs of ordinary Zimbabweans.
Speaking during the 2025 National Real Estate Day celebrations in Harare, EACZ Chairman Nicodemus Kuipa called for mandatory sentencing reforms and updated fines, likening property fraud to stock theft in terms of its economic and social impact.
"We have been collaborating with law enforcement agencies, in particular the Zimbabwe Republic Police, in our tireless quest to fish out bogus operators masquerading as genuine agencies," Kuipa said.
He added that the EACZ is actively engaging the Ministry of Justice to ensure penalties are scaled up to deter repeat offenders.
The council has also launched public awareness campaigns, including billboards along major highways, to educate citizens on verifying estate agents' credentials before engaging in property transactions.
"Government will continue to streamline land and housing policies, ensuring fair and transparent access to land," Godzi said.
He also called on financial institutions to develop flexible mortgage and microfinance products tailored to the needs of ordinary Zimbabweans.
Source - Byo24News
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