Property Sector Code Now Binding On Stakeholders In The Property Industry

The property sector code (PSC), modelled around the Codes of Good Practice on Broad-Based Black Economic Empowerment (B-BBEE) issued by the Department of Trade and Industry (DTI Codes), was published in the Government Gazette and became effective on 1 June 2012.

The targets set in the PSC are valid for 10 years and will be reviewed by the DTI after five years in order to set further targets.

One of the overarching objectives of the PSC is to promote economic transformation so that significant and meaningful participation by black people, including woman and people with disabilities, can occur within the sector.

Other complimentary objectives include promoting property development and investment in under-resourced areas; achieving a substantial change in the gender composition of ownership, control and management of property; and facilitating the accessibility of finance for property ownership and property development.