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Government’s nod to private property ownership is a big plus and leaves industry players satisfied.

Housing development, subsidies and informal settlement upgrades were among the key ingredients in this week’s Budget, which has left real estate players more than satisfied with the government’s recipe for economic – and property market – recovery.

Of course there was no specific relief for property buyers in the form of a transfer duty reduction or an increase in the threshold, but Berry Everitt, chief executive of the Chas Everitt International, “applauds” the Budget’s assurance that the country’s taxpayers do not have to pay off Eskom’s entire R400 billion debt.

Acknowledgement of the need to “fix” Sars to ensure efficient revenue collection and shed the massive public sector wage bill were also welcomed announcements.

“Such issues may not seem relevant to real estate, but they are very much so in the sense that the real estate market can only thrive in a climate of growing confidence among investors, rising economic growth and increasing employment,” said Everitt.

The Budget was “measured” and “in the best interest of the country right now”, acknowledges Samuel Seeff, chairperson of the Seeff Property Group, but he is disappointed there is no relief for the property sector or consumers.

Read more: Experts have mixed reactions to #Budget2019