Black property professionals suffering because of building hijackings
The South African Institute for Black Property Professionals (SAIBPP) is “gravely concerned” about the high costs associated with the continued hijacking of buildings in the country’s CBDs. This act of criminality, it says, costs South Africans in many ways, one of which is the violation of “unknowing and desperate” tenants trying to find greener pastures in CBDs.
The hijackings also scare away would-be investors from the CBDs and force established businesses to move away, thereby leading to increased unemployment. In a statement, the SAIBPP adds that these acts limit opportunities for previously disadvantaged property practitioners wanting to operate in the CBDs as funding institutions will be reluctant to provide funding towards inner city developments. Hijackings also increase decay, drug abuse, and elements of criminality in world-class cities like eThekwini, Ekurhuleni, Tshwane, and Johannesburg, among others. “As SAIBPP, we view this act of criminality as a direct attack on the transformation agenda as it creates yet another barrier to already limited investment opportunities in inner-city property developments.” The Institute states that its areas of contention are focused on the pillars of legislative reform, access to finance, spatial transformation and inclusive development, and property ownership and entrepreneurship.