Local property companies should use tough economic times to strengthen themselves for the future, says research and advisory group, Grant Thornton.
Real estate firms are no strangers to cyclical disruption, especially the likes of which the local market is experiencing at the moment; but to prosper in the future, the industry must enhance its capabilities to manage new types of disruptions.
From Business Tech.
Lee-Anne Bac, leader of real estate and construction at Grant Thornton, believes South African property companies cannot rest on their laurels in difficult conditions.
“The property sector has seen exceptional growth and expansion over the past ten years, but in keeping with the more recent deterioration of general economic circumstances, it is operating at rather more depressed levels at the moment.”
Bac said that property companies cannot afford to just wait for the cycle to turn. “There are various new types of disruptions in the sector – and these are not limited to companies operating beyond South Africa’s borders. The question is whether local companies are ready for these,” she said.
Read more at Business Tech.
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