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South African property market - worth trillions

The South African property sector is worth R4.9 trillion, the Property Sector Charter Council said on Tuesday.

CEO Portia Tau-Sekati said this emerged from a new study to determine the size and value of South Africa's property.

"Establishing the scope of the property sector is important for an accurate overview of the economy, taking into account that in 2009 the property sector contributed 8.3 percent of SA's GDP," she said.

She said the research -- the first of its kind -- created a "hub of knowledge" of the property sector.

It consolidated information by developing a common and consistent understanding of property in the country.

"We are moving towards a proper baseline measure to assess market size and its components," she said.

"The scale of different services and activities within the sector and ultimately BEE transformation figures [are] in line with the Property Sector Code scorecard."

The study found that one percent of land in the country was urban and residential, over 73 percent was natural pasture, and 12 percent agricultural.

Two-thirds of property owned in South Africa was residential and estimated to be worth R3 trillion, while the commercial property totalled R780 billion.

The research combined various studies which estimated the size of the country's residential market.

The number of houses in the country varied between eight and 13 million in the studies.
"Besides being a benchmark to monitor and evaluate the progress of transformation of the sector each year, this study marks the beginning of an ongoing research process, which will update information on the property sector annually," Tau-Sekati said

The study would be a useful tool for understanding the South African property market and its dynamics, she said.

(SAPA)


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