Local property market valued at R5.8-trillion

Local property market valued at R5.8-trillion

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Research released in 2017 by the Property Sector Charter Council (PSCC) in Johannesburg shows that formal residential property still accounts for nearly three-quarters of property owned in South
Africa, and grew from an estimated R3-trillion at the end of 2010 to R3.9-trillion. Undeveloped urban land zoned for development remained unchanged around R520bn (1,1% of total land in South Africa).

The public sector contributed a total of R237bn, of which about R102bn is estimated to be in the hands of the Department of Public Works, R66bn held by South Africa’s 19 largest state-owned enterprises, and R69bn owned by metros and selected local municipalities.

The South African property market is currently valued at about R5.8-trillion, up from R4.9 trillion at the end of 2010.
This is the first and only research of its kind about the size and shape of the country’s property industry. The study underpins the PSCC charter, which seeks to ensure participation of black people to the tune of 25% of the total value associated with the property industry within the next few years.

Words: Property Professional

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