The State of the Nation is a progress report by the President that address the nation as to what we’ve achieved in the last year and what we’re hoping to accomplish in the next few years.
What does this mean for the property market?
A huge emphasis put on growing our economy
President Cyril Ramaphosa touched on key issues during his speech but one highlight of his speech is that the economy belongs to all. Small businesses are at the heart of job creation in South Africa and our president acknowledges this:
“…I will soon sign into law, the Competition Amendment Bill. This will give the competition authorities ability to… open up new opportunities for many South Africans to enter various sectors of the economy and compete on an equal footing.”
Infrastructure will be put into place to ensure that businesses have the support needed to help them flourish.
There were also other initiatives launched, including ones to reduce the social housing shortage:
“The Housing Development Agency will construct an additional 500,000 housing units in the next five years, and an amount of R30 billion will be provided to municipalities and provinces to enable them to fulfil their respective mandates.
However, if we are to effectively address the substantial housing backlog in our country, we need to develop different models of financing for human settlements.
It is for this reason that we are establishing a Human Settlements Development Bank that will leverage both public and private sector financing to aid in housing delivery.
We will also be expanding the People’s Housing Programme, where households are allocated serviced stands to build their own houses, either individually or through community-led housing cooperatives.”
Ramaphosa said that the goal in the next three years is to ensure that our country enters the Top 50 mark of high-performing economies. We currently rank 82nd but by encouraging entrepreneurship and small business growth, we’re well on our way to rise in the rankings.
If you’re ready to start your small business in property, join us at our free property investment seminar where you’ll discover how to grow your own business. Book your free seat today!