Public Works Minister Geoff Doidge said on Tuesday that the Property Charter would provide a statement of commitment by the property sector to a growth strategy based on empowering previously disadvantaged South Africans.

"The intention of broad-based black-economic empowerment (BBBEE) is to have a change effect on the South African economy, addressing both inequality and growth through meaningful participation of black citizens including the youth, women and the disabled," Doidge told a breakfast meeting celebrating the publishing of the Draft Charter, under section 9 (5) of the BBBEE Act.

The Draft Property Charter which was published on October 15, supports the commitment of all stakeholders within the property sector to strive for the transformation of the industry.

It is expected that the charter will unlock obstacles of property ownership and the effective participation of all South Africans in the property market.

It will also enable property development and investment in rural and under resourced areas, which can act as an economic stimulus in these areas.

Doidge added that the property sector is evolving, dynamic and provides the opportunity for skills development and employment opportunities from semi skilled to highly skilled categories.

"I hope to see the development of commercial properties in rural areas, young people employed in the sector across all levels, and new black-owned property companies listed on the JSE."

The Property Charter remains valid for ten years but the sector has committed to achieving set targets within five years after the effective date of the charter.

The listed sector has a special provision for mandated investments if consistent evidence over a three-year period prior to verification is available, but the rest of the industry conforms to the 40% standard measure.

"This is a milestone, but the real achievement will be the visible demonstration of the transformation of the sector. One in which we can see the results before the reports are written. If the growth of the last ten years is to be repeated, then the transformation of the sector is a necessity not an obligation," said Doidge.