With the year fast drawing to a close, many will remember 2017 for its policy uncertainty, ratings downgrades, the headlines of “state capture”, close-to- zero economic growth, consumer nervousness and general indecision. Against a backdrop of improving global growth, stock market strength and rising commodity prices, 2017 may go down as the year when politics spoilt the party for the South African economy.

Most South Africans, and indeed numerous others around the globe, will be closely watching the ANC elective conference in December which is sure to generate considerable distraction and dominate headlines over the Festive Season. Many in the business community have extremely strong views on the election of a new ANC leader and view it as having only one acceptable outcome. As always in a divided South Africa there will be those hoping for a different result and one hopes that, regardless of the outcome, South Africans will work together to create unity and growing prosperity for the country in 2018.

For the commercial property industry 2017 can be seen as one in which the industry showed real resilience and, in many cases, creativity in spite of the uncertain economy. Common themes included the globalisation of the JSE-listed Property Sector with growing offshore holdings, additional JSE listings including SA’s first student housing fund, transport-oriented development, urban regeneration, a growing investment focus on the residential sector and the impact of logistics and technology on retail and consumer habits.

One can only hope that 2018 will bring the policy certainty and focus that will allow us to take advantage of the current positive global economic climate and shrug off the negativity of 2017.

We at Broll Property Group would like to wish all our clients and friends Happy Holidays, a joyous Christmas and a prosperous New Year.