SA’s real estate mystery: Government struggles to track billions in property assets: [an extract from an article by: Paul Vecchiatto – Bloomberg – MONEYWEB 28 August 2024]
South Africa’s government, the country’s biggest real estate owner, doesn’t have an accurate record of its property portfolio or how it’s being utilised, and a protracted attempt to audit it has so far failed to rectify the situation.
While official records show the state owns about 88 000 buildings and five million hectares of land, which together are estimated to be worth R155 billion ($8.7 billion), Public Works and Infrastructure Minister Dean Macpherson said he had little faith in the accuracy of the valuation or that all the assets had been accurately recorded or captured.
The Original Full Article can be Viewed here: → https://www.moneyweb.co.za/news/south-africa/south-africa-struggles-to-locate-its-vast-real-estate-holdings/