Real estate sector in South Africa is growing with new developments
According to real estate experts, the South African real estate sector will grow with new developments.
President Cyril Ramaphosa , who made a statement recently, said the property initiatives will have a positive impact on the country’s real estate market. Berry Everitt, general manager of Chas Everitt International, said they were excited by the announcement of the initiatives.
New housing will be built on state-owned lands. Access to the new buildings will be provided as well as infrastructure facilities such as school and health facilities.
Berry Everitt says “We assume this initiative will run alongside plans for more than 500000 new social housing units to be built over the next five years and R30bn to be spent on fixing, improving and expanding municipal infrastructures.
He added “At the same time, the government intends to expand the People’s Housing Programme, which provides serviced stands to households and housing collectives that are prepared to build their own homes, and is to set up a Human Settlements Development Bank to leverage private sector investment in new housing.”
According to Rudi Botha, general manager of BetterBond, the establishment of the bank can solve the house shortage in the country.
Sevdenur Demir / [email protected]