A growing trust deficit between the government and the private sector threatens to derail efforts to turn around the struggling construction sector, but government is intensifying its efforts to build meaningful relationships with the industry.

Reacting to the President’s address, Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty, said South Africa was the living embodiment of the “good news, bad news” paradigm.

Gerhard Kotzé, MD of the RealNet estate agency group, says the SONA highlighted several initiatives and projects that could be positive for the property sector going forward.

Rudi Botha, CEO of SA’s leading bond originator BetterBond, says the SONA was very wide ranging and covered a huge number of initiatives, but that there were definitely some highlights for the real estate market.

Berry Everitt, CEO of the Chas Everitt International property group, says that the very detailed State of the Nation Address dealt with all of the economic and social issues that are currently of concern to the real estate industry, including the need to rebuild investor and consumer confidence in SA, stimulate economic growth, accelerate job creation and eliminate widespread corruption.

A draft Property Practitioners Bill will be published by the Department of Human Settlements for public comment with a purpose of establishing a more inclusive, representative sector, towards radical economic transformation. 

The annual State of the Nation Address (SONA) in South Africa is an event that is closely watched in the hope of it offering a clear indication on policy direction.