Property sector contributes significantly to South Africa’s economy
Recent figures show the South African property sector contributes as much as R191-billion to the country’s gross domestic product (GDP) and R46-billion to the fiscus, Property Sector Charter Council CEO Portia Tau-Sekati said on Tuesday.
Addressing an audience at the sixteenth Rode-REIM Property Conference in Johannesburg, she pointed out that the sector’s contribution to GDP showed the significant impact that the property sector had on the economy.
“We don’t look at property as a separate sector when we look at financial indicators and we need to start talking about property as a separate segment so that we have a better perspective in terms of its contribution and its impact as a catalyst for driving the economy and transformation,” she stated.
Tau-Sekati highlighted the importance of owning property, stating that a lease had the power to activate business and market activity.
“We need to start realising the power of property and leases and how they can stimulate and activate business, not only within government but also within the public sector. We also need to provoke market activity to use property to evoke our economic growth,” she said.
South Africa’s property sector is worth R5.8-trillion, Tau-Sekati stated, explaining that it was made up of the commercial sector valued at R1.8-trillion, the retail sector, which is valued at R537-billion, which grew by 57% in the last three years, office space at R387-billion and the residential sector, which is worth R3.9-trillion.
“The value of the residential sector is based on formal housing that has been acknowledged by the deeds office,” she said, adding that there were 534-million informal houses in the country, but that the value of that sector was currently unknown.
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