The Demand for Property Development in the Gauteng Province
Various factors cause the demand for residential housing, student accommodation, and commercial properties. Three major factors have been identified, namely population growth, increases in the number of students enrolling at a higher education institution and economic growth.
According to Statistics South Africa (2019), Gauteng comprises the largest share of the South African population, with approximately 15,2 million people living in this province.
It is noticed that the population in the past 5 years has increased by 674 000 people. Also, each year the population increases by 134 800 people as per aggregate. People from other provinces move to Gauteng to work and study, resulting in an increase in the population. (Source: https://populationof2019.com/population-of-gauteng-2019.html )
An increase in the number of students enrolling at higher education institutions.
Gauteng has many universities namely The University of Pretoria, University of Johannesburg, University of Witwatersrand and The Tshwane University of Technology. The demand for tertiary education continues to grow on a regular basis, yet many campuses do not have the capacity to accommodate the growing number of students seeking campus residence.
“There are more than 20,000 UJ students who cannot live on the campus residence because the university only has the capacity to accommodate just under 7,000 students on-campus, while Wits received approximately 14,500 applications for accommodation and its residences cater to approximately 6,500 students," the university said.” (Source: https://www.timeslive.co.za/news/south-africa/2019-06-25-city-of-joburg-steps-in-to-help-alleviate-student-accommodation-crisis/ )
Gauteng is the financial and business centre of South Africa, with great international connectivity and an extensive variety of effectively accessible offerings for pre-and post-visits. It additionally has various traditions and exhibition centres spread over the distinctive locales.
The province is viewed as the monetary centre point of South Africa and contributes vigorously in the financial, transport, innovation, and others. It likewise plays host to a substantial number of abroad organizations requiring a business base here in Gauteng.
“Facts about EQUATE”
What is EQUATE doing regarding the housing challenges?
Equate is a quantity surveying consulting firm. It offers cost management services in residential and commercial property construction, amongst others the company works with developers in providing quality and sustainable properties.
Equate is also involved in the low-cost housing sector. Low-cost housing addresses the problem of population growth and the need for affordable living.
Economic growth increases the demand for commercial properties as Gauteng is the economic hub of South Africa and the demand for commercial properties is on the rise as there are different business activities taking place. Equate has been involved in the refurbishment and construction of office buildings, retail buildings, and hotels.
The challenge for student accommodation has become of foremost importance. The number of students enrolled in higher education institutions has increased. Equate is offering its services to clients of cost management in addressing student accommodation need. Currently Equate is offering full Quantity Surveying service to the construction of Ellis Park Student Village.
“This is the first phase of a 2000-bed student village, with a total project cost of R500-million.”
“The Ellis Park Student Village will be located only a few hundred meters from the University of Johannesburg’s Doornfontein campus and is expected to alleviate the demand for affordable and secure accommodation.”