The Zambia Land Alliance has bemoaned the […]

The Zambia Land Alliance has bemoaned the lack of stringent regulation towards monitoring and clamping fraud cases in the real estate market.

 Speaking in an interview with the Zambian Business Times, ZLA Executive Director Patrick Musole said despite the presence of regulatory bodies, most of the companies lack clear monitoring and compliance mechanisms. Musole observed that in the recent past the sector has seen an influx of companies, citing the trend as going for easy money.

“There is no strict regulation. We have a lot of real estate companies that have been developed because there is a perception that it is an easy sector where one can make easy money, and most of these are not closely monitored.”

 Musole revealed that previously the Alliance had raised the issue with the Zambian Institute of Estate Agents (ZIAE), but nothing fruitful culminated from the deliberations.

“I had raised this issue with the Institute of Real Estate Agents, and they admitted that some of their members are breaking the law and not following the rules; we need close monitoring by the government and punishment for those that are breaking the law.”

He called on the government and allies to take precise measures in curbing the challenge because if it were left unattended, it might spill further scams to unsuspecting members of the public.

Article by Samuel Mutale