PARKS PROPERTY ADVICE


Property adds R191bn to the economy


The property industry, comprising residential and non-residential sectors, contributed R191.4bn to the country's economy in 2012 and a further R46.5bn through various direct and indirect taxes. This was one of the major conclusions of a research report on the financial and economic impact of the property sector on the national economy, the first such study ever done on the country's property industry. Commissioned by the Property Sector Charter Council (PSCC), it found that the residential sector accounted for R123.8bn of the total contribution by the property industry to the economy in 2012. Of this, R103.7bn was the residential sector's contribution to gross domestic product (GDP) and R20.1bn came from taxes.

Business Report, 28 May 2014