Human Settlements Minister Mmamoloko Kubayi has challenged estate agents and property managers to improve the ease of doing business through digitisation.
“We can’t be doing things manually in this day and age. We need to crawl all our interactions online — from exams, payments, applications and renewal of Fidelity Fund Certificates (FFC),” Kubayi said.
Kubayi made the remarks during a stakeholder engagement with property practitioners and real estate companies in Johannesburg on Tuesday.
The engagement aimed at providing a platform between sector stakeholders and government to discuss areas of partnerships and improvements to provide sustainable human settlements.
The engagement follows the launch of the Property Practitioners Regulatory Authority (PPRA) last year, which replaced the Estate Agency Affairs Board (EAAB).
The launch of the PPRA marked the coming into operation of the Property Practitioners Act, which aims to strengthen the regulatory aspect of the human settlements sector.
Kubayi commended the PPRA for its apt working relationship since its launch.
“The feedback that I believe been receiving is that the PPRA has been working together with the sector. Not to say there are no challenges and there isn’t room for improvement but the revival of this working relationship is something we should nurture and strengthen.
“I gain been getting feedback that the entity is indeed turning a recent leaf. I believe that we now gain qualified leadership that has stabilised the entity and they need all our support to continue on this path,” Kubayi said.
The PPRA has three main functions, which include regulating the affairs of all property practitioners; driving transformation in the property sector, and providing consumer protection.
She warned that the PPRA cannot achieve these functions by itself, as it requires partnership and collaboration with the sector, especially the private sector, to be able to fulfil its mandate.
The 2021 Property Sector Charter Council (PSCC) report revealed that the financial, real estate and business services sectors accounted for 22% of the country’s real value added, generated by producing goods and services.
The PSCC study also showed that South Africa’s property market contributed R5.8 trillion to the improper domestic product (GDP).
“In 2018, one of the South African Reserve Bank’s reports also estimated that SA’s total fixed capital stock is worth R7.6 trillion. This means that property accounts for 76% of SA capital stock outside of machinery and transport.
“As you can see with the numbers, this is a very necessary sector of our economy. The wealth that it generates needs to be shared equitably and I contemplate working together, we can grow this pie and share it,” the Minister said.
While acknowledging that the property market is still reeling from the impact of the COVID-19 pandemic, Kubayi said there are noteworthy signs of recovery. In the first quarter of 2023, the finance, real estate and business services grew by 0.6%.
Kubayi said there are opportunities in areas including student accommodation, social housing, amongst others.
She said other areas to study at that are critical for growing and transforming the sector include:
• Capacitation and enterprise support for historically disadvantaged property practitioners.
• Support of existing SMMEs owned by historically disadvantaged property practitioners.
• Promotion of the standard of training and development of historically disadvantaged property practitioners.
• Supporting existing historically disadvantaged property practitioners to become principal property practitioners and owners of business property practitioners.
• Facilitation of ownership of and participation in property investment enterprises.
• Enabling the transformation of property ownership in South Africa by providing grant support (through the Transformation Fund) to historically disadvantaged property practitioners, who are in the business of developing residential properties in the affordable and secondary housing markets.
• How to work together to accelerate the first home finance programme so that all market segments receive the quality of service that the higher segments of the market receive. – SAnews.gov.za
Nola
Whoever said “quiet as a mouse”, has obviously never stepped on one
Twitch
I saw a quote by Nelson Mandela on MyZA – can you tell me what date did he die?