THE government says it is working with various stakeholders in clamping down on all unregistered real estate agents who pose a risk to unsuspecting home seekers.
Speaking at a press conference Harare yesterday as Zimbabwe commemorated National Real Estate Day, Justice deputy minister Nobert Mazungunye said the Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) was also monitoring monetary transactions within the real estate sector for any illicit flows.
“Despite its many successes, the real estate sector faces significant challenges that threaten its integrity. Issues such as illegal and unregistered estate agents, land barons, and the risk of money laundering pose serious risks to both the industry’s credibility and public trust.
“My ministry, in collaboration with the Estate Agents Council (EAC), the Real Estate Institute of Zimbabwe (REIZ), and law enforcement agencies, is committed to addressing these challenges and protecting the public from these unscrupulous elements,” he said.
“Through the Reserve Bank of Zimbabwe’s FIU, we are actively monitoring transactions within the sector to prevent money laundering and ensure that all investments in real estate are legitimate and contribute positively to our economy.
“This right is also supported by regional and international frameworks, such as the African Charter on Human and Peoples’ Rights and the Universal Declaration of Human Rights, which acknowledge property ownership as a fundamental human right and a cornerstone of individual and national development.”
He also noted the Justice ministry’s commitment to ensuring sustainable and environmentally friendly practices in the real estate sector to combat climate change.
“The impact of climate change necessitates a shift towards sustainable development in real estate. We are committed to promoting environmentally friendly construction practices, protecting wetlands, and preventing deforestation to minimise the adverse effects of climate change on our communities and the real estate market.
“Our goal is to ensure that the industry not only thrives but also contributes to the preservation of Zimbabwe’s natural resources for future generations. These developments not only improve the quality of life for our citizens but also support economic activities and trade, making real estate a major asset class for both individual and institutional investors,” he said.
Meanwhile, the belated National Real Estate Day celebrations which would feature a diverse exhibition of real estate companies, advisory services from regulatory bodies is scheduled for Friday at Alex Park Sports Club in Harare.