Rising black entrepreneurs in South Africa

The volume of black entrepreneurs entering the South African property market is escalating to new heights

10 December 2008

The number of black entrepreneurs entering the South African property market is escalating to new heights, with first-time homebuyers fast catching white first-time property owners in terms of volume, according to Leapfrog Property Group.

South Africa’s only black-owned franchise real estate company also reports that more sustainable, black-owned and staffed estate agencies, are being formed across the country.

“If anyone takes a long-term view and is looking for growth, surely the growing and increasingly affluent black middle class has to be the driver of most future real estate sales?,” Leapfrog Property Group executive director Kura Chihota asks.

“Coming off a low base, the number of black title deed holders has grown at a rate over 50% in the 14 years since 1994 to represent 10% more [1.81m] than the total white population [1.76m], according to Lighthouse Risk Management research.”

Many progressive, historically white agencies have already bought into the Leapfrog vision and have “made the leap“ to embrace the change.

“By embracing diversity and including those who have been excluded before, collectively we can substantially contribute to the sustainability and growth of the industry,” says Chihota.

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