Published On: Fri, Jun 30th, 2017

Majority concerned at exclusion in property sector

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Mall underconstructionJOHANNESBURG, (CAJ News) – THE South African Institute for Black Property Owners (SAIBPP)  has advocated for the prioritisation of the inclusive growth and radical transformation of the property sector.
The organisation recommended this to be done while ensuring security of tenure, delivering on the social priorities and creating an opportunity for the average South African to be an active participant in the mainstream economy through title deed ownership.
This follows the latest Property Sector Market Size report by the Property Sector Charter Council research report, which indicates the sector in South Africa is estimated to be valued at R5,8-trillion.
Within- the sector, fewer than 10 percent of Real Estate Investment Trusts (REITs) are black originated funds.
“Although there has been some success in, for instance, delivering social housing and issuing title deeds, the demand far outweighs the supply and support from the private sector is much-needed,” said Vuyiswa Mutshekwane, CEO of SAIBPP.
The executive said social cohesion, an alignment to the financial services sector and support from the private property sector was required to achieve inclusive growth radical transformation and ensure that all policies were underpinned by sound economic principles and skills.
“At this year’s convention (later in the year), we will be taking a closer look a inclusive growth radical economic transformation within the property sector and focus on what the national policy should achieve with respect to this,” she concluded.
 CAJ News 


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