Property industry SONA commentary
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By John Jack, CEO of Galetti Corporate Real Estate
The commercial real estate sector is hopeful following President Cyril Ramaphosa’s stated commitment to stimulating the economy via public-private partnership at the 2022 State Of The Nation Address (SONA).
“We agree that significant efforts must be made to reduce unemployment and inequality and find solutions to move our nation forward,” says John Jack, CEO of Galetti Corporate Real Estate. “This must be done by cutting regulatory red-tape and unlocking the R900 billion project pipeline promised to the construction sector to stimulate much needed property development and therefore investment in South Africa’s infrastructure, particularly in the CBD of the country’s major metropolitans.”
“We agree with his statement that in order to combat inequality and unemployment, Government must create conditions that allow private sector businesses to function at full capacity, as they are the largest employers in South Africa.”
“We are however, waiting for further clarity on the timelines mentioned by the President on combatting the country’s energy crisis by allowing competition on energy suppliers as an alternative to Eskom’s monopoly that is currently throttling the country’s industries. The commercial real estate sector is still waiting for government’s response to the proposed rates hikes, specifically Eskom’s proposed electricity tariff hikes. These hikes threaten the steady but slow recovery that the real estate sector desperately needs, and if implemented may discourage SME’s, who are the lifeblood of this country’s economy, from opening or continuing a business locally if operating costs are too high,” he concludes.
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