When radical socioeconomic transformation is mentioned in news reports, as it often is, some of us are left puzzled. It has, however, been summed up very helpfully as a measure to aid the change of the current structures within our economy. The composition of ownership and management is acknowledged as areas which require attention and change – this is actually such positive news when laid out like that.

But there is still the question of how this transformation is being implemented. Where is the physical evidence?

Part of why the term radical economic transformation is puzzling is because sometimes it seems like these strategies are only ever mentioned. Well, to you aspiring homeowners: please listen up. The following information could prove to be exceptionally empowering.

The objectives of the Amended Property Sector Code that was made available in June 2017 are centered on inclusion. This document, and more specifically its effect, is also your evidence of the transformative ideals that otherwise seem to be wielded about with abandon.

Your participation in the economy is now being actively facilitated. Authorities are accountable because the various goals are clearly laid out in the official public document that is the property sector code. The goals themselves will make you smile with hope and ambition as owning property is finally, rightfully, becoming more of a possibility for you.

Objectives of the amended property sector code

  • Economic transformation within the property sector is being promoted so that all people are able to participate meaningfully. This includes black people, women, the youth and people with disabilities.
  • It is intended that obstacles to ownership of property are unlocked, that investment and development of under-resourced areas are encouraged and that effective employment in this sector is advanced.
  • The necessary skills are being addressed and money is being invested in the training of new entrants. What’s more is there is a focus on sustainable growth and accessibility of finance for property ownership as well as for property development.

The residential property sector still needs to pick up the pace when it comes to transformation but improvements can be commended and even celebrated. The under-representation of black people and particularly black women in the different levels of management is not going to be a problem for too much longer according to the aims of the property sector. And the necessity of skills development should be emphasised because it is important to remember that the objectives are interrelated and progressive; forming a solid foundation of knowledge about the industry is a sound place to start.

It’s time to take this radical approach. Why should you not own your own home?

Source: Government Gazette: amended property sector code, 9 June 2017 http://www.thedti.gov.za/gazzettes/40910.pdf