A massive housing backlog and demand for affordable housing presents an untapped opportunity for developers, experts say. With an estimated backlog of at least 1.2 million homes nationally, micro apartments and backyard developments could see a surge in the SA housing market.
Government has acknowledged the seriousness of the housing backlog, says James Wilson CEO of the Amdec Group of real estate developers.
"However, government's ability to deliver solutions has thus far proved insufficient to meet the demand for homes. Not only does South Africa continue to grapple with a serious housing shortage, but market dynamics are making affordable housing for the 'missing middle' - a sector that's been unable to afford to tap into the property market - increasingly rare," says Wilson.
