Discover the next property millionaires emerging from Cape Town

From the bustling townships of South Africa emerges a new breed of property heroes. Ordinary locals turned micro-developers aim to alleviate the looming affordable housing crisis.

Over the past 20 years, micro-developers in South African townships have tackled the affordable housing shortage by expanding or rebuilding their homes into low-cost rental units., the influx of properties throughout the townships always present a challenge to keep pace with.

Mgwatyu believes informal developers have the potential to solve the country’s housing crisis and their entrepreneurial spirit is creating jobs in local neighbourhoods. The micro-developments in townships have spurred new industries, boosting local economies. These new enterprises include hardware stores, room rental agencies and grocery vendors.

About 70% of properties on the deeds registry in South Africa are valued below R1.2 million. Despite focusing on the top 10-20%, the real property market comprises these lower-valued properties.‘It is impossible to take a regulatory environment for the formal sector and try impose it on a more informal sector – it does not work.’

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