CONSIDERABLE VALUE LIES BURIED IN THE REAL ESTATE SECTOR – BE

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CONSIDERABLE VALUE LIES BURIED IN THE REAL ESTATE SECTOR - BE
CONSIDERABLE VALUE LIES BURIED IN THE REAL ESTATE SECTOR - BE

Africa-Press – Eswatini. Business Eswatini (BE) is of the considered view that there is considerable value that lies buried in the real estate sector, which must be unlocked for the benefit of the national economy.

In a press statement issued yesterday, BE said the model of sectional title ownership has benefitted economies of countries that have adopted the model and further availed ownership opportunities, especially for young families starting out due, on the most part, to the affordability of the model. BE was reacting to the announcement of new board members of the Human Settlements Authority, the Sectional Titles Regulations Board, and the Sectional Titles Examinations Committee. The announcement was made by Minister of Housing and Urban Development Appolo Maphalala on Friday, in Ezulwini.

Sustainable

Maphalala said the ministry’s mission is to facilitate the sustainable and efficient development of settlements and affordable housing across the country. In the press statement, BE said in pursuing their mandate, they hope the Boards would look into the nebulous matter of peri-urban settlements, in an endeavour to start a crucial conversation regarding the legal disposition of these properties, especially vis a vis the country’s municipal councils.

Poised

The private sector apex organisation stated that the real estate sector as a percentage of gross domestic product (GDP), has remained subdued over years and the view was that sectional title ownership of property was poised to change the fortunes of this sector. “As BE, we stand ready to help the ministry in any way we can,” read the statement. The organisation stated that a property and real estate sector meeting is now being organised by BE, which will see all investors and relevant sector stakeholders converge in the war room of Business Eswatini, to have a spirited discussion about the Act and its regulations and also to learn from the officials of the ministry of housing and urban development who shall be invited to be present.

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