COMMERCIAL ployees by creating and sustaining a well-managed and enjoyable environment . The many cranes on is skyline right now illustrate its success story .
Being actively involved in the direction of the area ’ s future development , such as participation in the draft nodal review process , is one way Sandton Central reinforces its position as South Africa ’ s cosmopolitan financial capital .
STUDY REVEALS THAT PROPERTY CONSTITUTES 78 % OF ALL FIXED CAPITAL STOCK IN SA ECONOMY
The Property Sector Charter Council yesterday ( 11 July , 2018 ) released the results of its latest study : The South African Property Sector Economy Contribution .
The analysis in the latest report uses the life cycle of a property , from origination to transaction and to its end cycle stage . It was and remains the most resourceful study of its kind in the country , highlighting the contribution of the property sector to the economy .
This research continues from its 2015 report , which measured the size of the property market in South Africa at a massive R5.8 trillion .
A key finding of the research study reveals that the South African Reserve Bank in the same year estimated the total value of all fixed capital stock – Property , machinery , transport at R7,6tn . This means property constitute 78 % of all fixed capital stock in the country .
In 2015 total direct expenditure of the property sector was R132bn and the sector made an important total tax contribution of R62bn , showing a growth of 35 % from the previous 2013 report with R46bn tax contribution . The report also confirms a total number of 278 000 jobs in the property sector . The highest recorded levels of employment are during the transaction phase which are sustained over time versus project -based jobs . All of these figures are expected to play a significant role in the socio-economic transformation of the country .
CEO of the Property Sector Charter Council , Portia Tau-Sekati says : “ The property sector makes a significant contribution to the country ’ s economy and it is important to continually review this research . Aside from the fact that no reliable figures have existed on the size and impact of the sector before this , in a sector this big and this important as property there should be ample opportunity for transformation to take place .”
Tau-Sekati explains that detailed research is being carried out in various phases , with each phase providing a valuable understanding of the sector and ultimately enhancing the consolidated body of knowledge about the property sector that will foster a consistent understanding of the sector for measurement and evaluation
SA Real Estate Investor Magazine SEPTEMBER / OCTOBER 2018 45