Property industry calls for relief on rates and tariffs
Sector argues municipal charges need to be reduced to help it through the Covid-19 pandemic
The property sector is pleading with municipalities to lower rates and service charges as they battle through the Covid-19 pandemic.
Inner-city property funder TUHF’s CEO Paul Jackson said last week municipalities need to look at reducing charges for water and electricity and other services, which for years had been rising faster than inflation. In an interview with Business Day, Jackson said property valuations and rentals were under severe pressure and about R100m worth of developments in Johannesburg were on hold. He expected no recovery in property fundamentals before 2021.