The Property Practitioners Regulatory Authority (PPRA) has declared that compliance with B-BBEE (Broad-Based Black Economic Empowerment) regulations is now mandatory and non-negotiable for all real estate agencies in South Africa with a certain turnover level. This move aims to reinforce the commitment to transformation within the sector.
According to recent statements from the PPRA, real estate agencies must achieve at least a Level 8 B-BBEE status to continue operations. This directive comes as part of the government’s ongoing efforts to ensure economic inclusion and equitable access to business opportunities across all sectors.
The PPRA has warned that non-compliance will lead to severe consequences, including the possibility of revocation of operating licenses. The Authority urges all stakeholders within the real estate industry to review their current B-BBEE status and make necessary adjustments to meet the required standards.
For further details and guidance on compliance requirements, real estate businesses are encouraged to contact LabourNet.
