Minister of Human Settlements, Thembi Simelane, talks transformation in property sector at PPRA transformation event
The occasion also provided a platform to discuss challenges and opportunities for SMMEs in South Africa and share updates on PPRA transformation programmes and business opportunities.
The Minister of Human Settlements, Thembi Simelane, delivered a keynote address at a Small, Medium, and Micro Enterprises (SMME) incubation event to catalyse transformation in the property sector.
Hosted at the Premier Hotel Midrand on April 25, the event sought to highlight and celebrate progress made in transforming the property sector through various initiatives employed by the Property Practitioners Regulatory Authority (PPRA), an agency of the Department of Human Settlements.
The occasion also provided a platform to discuss challenges and opportunities for SMMEs in South Africa and share updates on PPRA transformation programmes and business opportunities.
The SMME Incubator Programme was established to provide financial and non-financial support to 100% black-owned and controlled enterprises in the property sector.
Last month, Simelane launched the National Housing Finance Corporation’s Emerging Contractors and Developers Incubator Programme to increase the participation of aspiring developers in the human settlements value chain, with an added focus on designated groups of women, youth, and people with disabilities.
The minister was joined by the PPRA CEO, Thato Ramaili, and board chairperson, Queendy Gungubele.
Also read: State of the City: Johannesburg mayor pledges better services, power for informal areas
During her address, Simelane said, “To the SMME cohort, I am confident that the PPRA will grow your business from emerging to established property practitioners and migrate you to be principals through the Principalisation Programme.”
The Principalisation Programme, a key initiative of the PPRA, is aimed to empower historically disadvantaged individuals, particularly black property practitioners, to transition into leadership roles as business owners and principals.
“The Property Charter Council highlights that the property sector contributes an estimated R191b to the gross domestic product of the country and R46b to the fiscus. Despite this imprint, the sector remains disproportionately untransformed,” said Simelane.
“The property industry is regarded as one of the major sectors that contributes towards the economy of the country. The Centre for Affordable Housing Finance report for 2023 cites that the South African residential property market consists of 691 million properties valued at R6.789 trillion.”
Read more: Johannesburg Property Company donates desktops and laptops to Midrand and Soweto schools
Simelane added the Department of Trade, Industry, and Competition had released a Transformation Fund concept document. “The proposed R100b Transformation Fund is aimed at promoting economic inclusion by facilitating greater participation of black South Africans in the economy.”
Gungubele said, “Transformation in the property sector is not just a moral imperative; it is an economic and social necessity. A transformed industry is more inclusive, competitive, and sustainable.”
Follow us on our Whatsapp channel, Facebook, X, Instagram, and TikTok for the latest updates and inspiration! Have a story idea? We’d love to hear from you – join our WhatsApp group and share your thoughts!
