By: Natasha Archary
The South African Institute for Black Property Professionals (SAIBPP) is gravely concerned about the high costs associated with the ongoing hijacked buildings in the country’s CBDs.
Kululwa Muthwa, CEO of SAIBPP joins Gugulethu Mfuphi on Kaya Biz highlighting the four issues that need attention regarding hijacked buildings.
Building hijackings cost South Africans in many ways, including an increase in decay, drug abuse, and elements of criminality in world-class cities like eThekwini, Ekurhuleni, Tshwane and Johannesburg.
“When we look at the recent fire that broke out in the JHB CBD, which claimed the lives of over 70 people, it highlights the challenges and complexities regarding these building hijackings.
The impact that it has on business, and the cost of raising finance in an area that would be considered risky business by potential funders, the problem has a number of layers, and doesn’t only impact the cities or the people that are occupying these buildings, but it also affects the opportunity to invest and do business in the city.”
Kululwa said SAIBPP has an idea of how many buildings are hijacked in Johannesburg but shared that the magnitude of the problem is multi-layered, including illegal immigrants and desperate tenants trying to find greener pastures in CBDs.
SAIBPP views the 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 state 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.
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