TRANSFORMATION
New property sector regulations will boost jobs and protect home owners
More building inspectors will be needed and sectional-title properties will have to be better maintained
An opportunity has arisen in the property sector to pluck some "low-hanging fruit" and meaningfully deal with the triple threats of unemployment, lack of transformation of the economy and disintegrating infrastructure. The asset value of the property sector is massive: in 2016, the Property Sector Charter Council put the sector’s value at R5.8-trillion. Of this, the formal residential portion (homes registered at the Deeds Office) is by far the biggest, worth R3.9-trillion (6.1-million registered homes). Several initiatives now present a real opportunity to make a significant difference by creating thousands of new jobs, transforming the profile of the sector and preserving SA’s crumbling property assets: • The Property Practitioners Bill was published for comment in March 2017 and is winding its way via public hearings towards Parliament. The bill has the laudable objectives of transforming the racial profile of the real estate industry while radically improving consumer protection...
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