Property sector needs firm moves

LOOKING at current statistics, transformation within the property sector is still quite far behind, with only a minority of black-originated companies within the listed property sector.

“If we look at the latest report from the Property Sector Charter Council, it indicates that 47% of South Africa’s land mass belongs to non-black owners while only 22% is black-owned,” says Tozamile Macozoma, vice chairman of Yipa.

“Yet the majority of the population of South Africa is black while the non-black population only make up a minority group.”

This, he says, is a significant problem that has not been prioritised in terms of redressing the current situation at the appropriate pace.

Macozoma believes the problem is a result of two key factors: A lack of awareness among black people – particularly young black people – of the property industry and the opportunities and careers it offers; and the lack of the correct balance between incentives and punitive measures from the government for companies which make a concerted effort in transforming as opposed to those that do not see the need to transform.

“It is time the government takes a firmer stand on prioritising transformation within the property sector through implementing innovative and sustainable measures to bring about change,” Macozoma says.