State Of Transformation Report For The South African Property Sector 2015/2016

Description

Property and Real Estate is one of the sectors that we have in the South African economy. Property plays a critical part at an individual level, business and other areas. At an individual level, it is a basic necessity (for shelter) as defined in the Maslow’s needs of hierarchy. It is entrusted with fulfilling the right to shelter of every South African. At a business level, it is defined as a basic requirement. Property is also a considered a wealth creator globally including.

In South Africa, the property market size is R5.8 trillion and contributes significantly to Growth Domestic Product (GDP) (2015 PSCC study). The Property Sector is also expected to redress the historical imbalances, injustices, inequalities, disparities, unfairness and unequal distribution of properties and wealth caused by Apartheid. Despite significant progress since the establishment of a democratic government in 1994, the South African society, including the Property Sector, remains characterised by racially based income and other socio-economic inequalities. This is not only unjust but also inhibits South Africa’s ability to achieve its full economic potential.

The sector is expected to ensure that ownership, control and participation in the Property Sector and property enterprises conform to the demographics of South Africa. Although there has been some effort and some positive improvements albeit at a slow pace, black people, black women and people with disabilities, in particular, are still under-represented in the Property Sector.

Property and Real Estate is one of the sectors that we have in the South African economy. Property plays a critical part at an individual level, business and other areas. At an individual level, it is a basic necessity (for shelter) as defined in the Maslow’s needs of hierarchy. It is entrusted with fulfilling the right to shelter of every South African. At a business level, it is defined as a basic requirement. Property is also a considered a wealth creator globally including.

In South Africa, the property market size is R5.8 trillion and contributes significantly to Growth Domestic Product (GDP) (2015 PSCC study). The Property Sector is also expected to redress the historical imbalances, injustices, inequalities, disparities, unfairness and unequal distribution of properties and wealth caused by Apartheid. Despite significant progress since the establishment of a democratic government in 1994, the South African society, including the Property Sector, remains characterised by racially based income and other socio-economic inequalities. This is not only unjust but also inhibits South Africa’s ability to achieve its full economic potential.

The sector is expected to ensure that ownership, control and participation in the Property Sector and property enterprises conform to the demographics of South Africa. Although there has been some effort and some positive improvements albeit at a slow pace, black people, black women and people with disabilities, in particular, are still under-represented in the Property Sector.