South Africa may be experiencing less load shedding, but another crisis is set to hurt property prices in the nation’s major cities.
South Africa’s struggles with municipal water and sanitation systems are severely impacting the residential property market.
Reports show that South Africa’s three biggest cities – Johannesburg, Cape Town, and Durban – are dealing with declingi water quality and unrealiable supply. Upmarket suburbs in Johannesburg were without water for roughly 10 days earlier this year. As prospective buyers look at new properties, reliable water and sanitation services are essential in the decision-making process.
“The insecurity surrounding municipal water and sanitation is not just an inconvenience; it is a significant concern that affects property desirability and long-term investment stability,” said Richard Gray, CEO of Harcourts South Africa. This Bill aims to enhance the accountability of water service authorities and reinforce mechanisms for better service delivery.
The proposed amendments call for greater regulation and oversight, in addition to community engagement to indentiy local water needs.
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