SA property sector is going backwards on transformation
The commercial property sector is ahead of the pack, while the residential sector is a laggard
The pace of transformation in SA’s R5.8-trillion property industry is extremely slow‚ with the sector achieving an average overall broad-based black economic empowerment (BBBEE) recognition on the lower end of level 4. The Property Sector Charter Council released its 2016-17 State of Transformation Report‚ as well as its latest study into the size of the sector, on Wednesday. Council CEO Portia Tau-Sekati said: "While the entire property industry achieved a BBBEE recognition of level 4 under the BEE codes‚ which is the same level as our previous report‚ we have regressed as an industry with a lower rating within that recognition level. "With the new BEE codes coming in‚ we clearly have a lot of work to do in terms of transformation of the sector." Tau-Sekati cited employment equity‚ economic development‚ skills development and management control as areas within the Property Sector BEE Code‚ where the industry was "not doing well at all". She described the sector’s performance on emp...
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