April 2026 edition: full text

CONTENTS APRIL 2026 #189

PUBLISHING CREDITS

EDITORS VIEWPOINT

6 - Momentum Returns

ASK THE EXPERTS

10 - Zerlinda van der Merwe

MASTER INVESTOR

12 - 21

12 - Andrew Walker

INVESTOR OF THE YEAR

10 - 11

22 - 29

4 - Publishing & Editorial Team

.

.

22 - Rob T Tsekoa

FRONT COVER

Image: Rob T Tsekoa & Andrew Walker Investor of the year 2026

COVER STORY

30 - 41

30 - Investor of the Year

12

2

REI MAGAZINE APRIL 2026

14

22

AGENCY SPOTLIGHT

PROPERTY MANAGEMENT

COMMUNITY SCHEMES

62 - 65

62 - Trustee role in community schemes

50 - 61

50 - Trustees, agents and the new rules

COMMERCIAL

66 - 73

66 - Auctions in the ether

STUDENT ACCOMMODATION

RESIDENTIAL

84 - 101

84 - Ghost Houses 92 - Property Investing

42 - Agents as Stakeholders

42 - 49

TECHNOLOGY

102 - 105

102 - WeConnectU

INVESTING

108 - 127

108 - Multi-Lets 120 - Risk, return & what can go wrong

128 - 167

WEALTH

128 - Iran War Shock

74 - 91

EVENTS

136 - 145

71 - The Student Bed Shortage

136 - REIS 2026

42

128

3

PUBLISHING TEAM

CONTRIBUTORS

PUBLISHERS

NEALE PETERSEN

FOUNDER & EDITOR-AT-LARGE neale@rei.co.za

Robert Teboho Tsekoa Khanya Gundwana Jean Joubert

ADDRESS

10 Howard Studios, Sheldon Way, Pinelands, Cape Town, 7405

WEBSITE

Zerlinda van der Merwe Alani Keiser Andrew Walker

MARISA GEORGE

ACCOUNTS MANAGER marisa@rei.co.za

www.rei.co.za

Jaco Grobbelaar Maritza Botha Adrian Saville

CONTACT US

+27 21 761 3848

Office Whatsapp 0768147639

info@rei.co.za

GRAHAM MILLER

WEBSITE SPECIALIST graham@rei.co.za

SUBSCRIBE

Ian Mcleod Ash Muller Daniel Lombard

Retha van Rooyen Jason Lee Tobie van der Merwe; Nick Morgan

NEWSLETTERS

ADVERTISE

JADE NICHOLSON

SENIOR DESIGNER design@rei.co.za

Disclaimer: The views and opinions expressed in this publication are those of the respective authors and contributors and do not necessarily reflect the views, policies or positions of Reale Activation (Pty) Ltd.

CHRISTIAN SCHUTTE

DIGITAL MARKETER christian@rei.co.za

4

REI MAGAZINE APRIL 2026

5

EDITOR’S VIEWPOINT

The world just got smaller and risk just got real

When missiles fly over Tehran, your home loan in Cape Town feels it. That’s not dramatic, it’s reality. As Jason Lee, our Canada-based investor, author and REI correspondent with a global lens, continues to highlight: we are no longer investing in local markets, we are investing in a connected world.

The recent Middle East escalation has exposed just how fragile the global system is. Oil spikes, currency pressure, inflation risk and interest rate uncertainty are no longer abstract concepts, they are already working their way into affordability, lending conditions and investor behaviour.

For South African property investors, the chain reaction is clear: higher fuel costs means rising living expenses with reduced disposable income and constrained buyer demand. The recovery we entered 2026 with has not collapsed, but it has become conditional.

And this is where the April edition matters. On the ground, opportunity still exists, but it is shifting. The student bed shortage crisis is a structural imbalance that is not going away. Demand is real. Supply is lagging. For investors who understand the numbers, this is a long-term play, not a quick win.

At the same time, strategies like multilets are gaining traction as investors look to maximise income in a higher-cost environment. Cash flow is no longer optional, it’s survival.

In the world of sectional title, transparency is tightening. Buyers are asking better questions and they need access to the right financial information to protect themselves.

And in community schemes, trustees and managing agents are under pressure. Governance is no longer administrative, it’s strategic. This month, we also look ahead to Investor of the Year 2026, because in uncertain times, one truth remains: the best investors don’t avoid risk… they understand it, manage it, and move anyway.

The market will always have its shocks. The investors who win are those who stay disciplined when others hesitate.

REI MAGAZINE APRIL 2026 6 Founder & Editor-In-Chief

QUOTE OF THE MONTH “The best investors are not those who avoid risk, but 7 those who understand it, price it, and act anyway.”

Built on Consistency. Trusted by Private Investors.

Founded in 2006, Opportunity Private Capital is a Cape Town–based boutique investment company. We structure and deploy private investor capital into residential property developments. Investors participate as capital providers, with a proven track record of returns generated through development execution and sales.

8

Simple. Secure. Significant.

REI MAGAZINE APRIL 2026

O

pportunity Private Capital offers private investors access to the value created during the residential property development phase, a return stream traditionally reserved for developers.

This limited investment opportunity allows investors to participate in the capital uplift generated through development, without the operational burden of direct property ownership.

Key Investment Highlights Projected returns from 14% p.a - returns scaled upwards per investment value. Defined capital protection with development assets. Minimum investment from R100,000. Investment timeframes: Estimated 18 - 24 months.

10 YEAR PERFORMANCE

AVERAGE INVESTOR RETURNS vs CPI

Investment Objective To provide private investors with alternative portfolio diversification by granting access to residential property development returns, supported by tangible property assets and disciplined capital structures.

Who This Investment Is For This opportunity is suited to investors seeking: Exposure to property development returns. Predictable, time-bound investment structures. An alternative to direct property ownership. Asset-backed capital protection. Investments with a consistent track record.

R 601 792 427

R 1.1 Billion

16.94 Months

Total Private Investments

Total Project Value

Ave Investment Timeframe

CPI

AVE RETURN

The average return for the period represents the capital-weighted average simple interest rate of investments exited during the year, across the applicable investment tiers.

Source: Opportunity Private Capital and Macrotrends.net

Risk Profile Low to Medium, supported by asset-backed security and defined project structures. Capital deployed into residential developments in highdemand areas around Cape Town.

Capital Security Investor capital secured by underlying development assets. Properties held as security for investors until exit. Independent Security Trust mandated to safeguard investor interests.

Opportunity Private Capital (Pty) Ltd, is a licensed Financial Services Provider, number FSP53400.

9

What financial info buyers can legally access

Question

As a property owner and investor in multiple sectional title units, when considering future purchases, am I within my rights to request access to the scheme’s financial information to assess its financial health?

Specifically, can I review annual financial statements, the status of the reserve fund, the approved maintenance plan, and the level of levy arrears and who is ultimately responsible for providing this information?

Answer

As a purchaser or potential purchaser into a sectional title scheme, you will need to request the information you are wanting to take a look at from the seller, as the member of the body corporate.

The seller should have most of what you will need, if not all, as the documents are sent to all owners for the Annual General Meeting (AGM), and you will want to see the documents as approved by the members at the last AGM prior to your purchase.

If the seller does not have the documents, he can request same from the body corporate’s trustees or managing agent, and as it forms part of the records of the body corporate, they must send the information within, latest 5 - 10 days, of the request.

I would take a look at the latest audited financial statements, the member approved budget/s for the administrative and reserve funds, the maintenance, repair and replacement plan, the insurance policy and schedule of insured values, the latest insurance replacement valuation, the minutes of the last AGM, the sectional plans and the amended rules of the body corporate

10

REI MAGAZINE APRIL 2026

ASK THE EXPERTS

Expert Insight: Zerlinda van der Merwe

CO-FOUNDER/ DIRECTOR OF TVDM CONSULTANTS

Zerlinda is a property law expert and co-founder of TVDM Consultants, she has experience in legal advisory, specialist in community schemes, management and industry training.

CLICK HERE if you have a property question

11

MASTER INVESTOR

By Neale Petersen

12

REI MAGAZINE APRIL 2026

From first Andrew

deal to Master Investor: Walker’s real journey

13

MASTER INVESTOR

The moment that changed everything

There’s a moment in every investor’s journey where things stop being theoretical.

For Andrew Walker, it didn’t happen in a seminar or through a perfectly planned strategy. It happened quietly, through a simple deal that worked.

At 22, he and his girlfriend bought a modest property on the south coast of Durban for R160,000.

There was no grand vision at the time. It was part lifestyle, part opportunity used for holidays and shortterm letting. But a few years later, when they sold it for R520,000, something shifted. It wasn’t just the profit. It was the realisation.

Income that wasn’t tied to hours worked. Growth that didn’t require constant effort. A completely different relationship with money.

At the time, Walker was working as a sound engineer. And in that moment, the comparison became impossible to ignore. That deal didn’t just make money, it changed direction.

Soon after, a move to London exposed him to a different level of thinking. Bigger markets. More sophisticated investors. People playing the game at scale. Combined with the proof of his first deal, the decision became inevitable.

“I’ve already made money doing this,” he recalls. “Now I’m going to take it seriously.” And from that point, he was all in.

14

REI MAGAZINE APRIL 2026

ANDREW WALKER

A different way of thinking about property

What separates Walker from the average investor isn’t luck, it’s mindset. Where most investors approach property with optimism, he approaches it with structure.

He doesn’t see property as a passive asset that magically creates wealth. He sees it as a system, one that only works if you understand the numbers, the structure, and the risks.

“Property investing is a science, not a gamble,” he says. “Hope is not a strategy.”

It’s a philosophy that was shaped not just by success, but by failure.

15

MASTER INVESTOR

The deal that taught the hardest lesson

Like every serious investor, Walker has a deal that still stands out, not because it worked, but because it didn’t.

In the UK, just before the 2008 financial crisis, he entered into a rentto-buy agreement on three guest houses in Cleethorpes. On paper, it looked strong. The income was solid, driven by contractors staying in the properties. But the structure wasn’t tight, and more importantly, the exit wasn’t properly defined.

Then the market turned. Tenants disappeared almost overnight. Income dropped sharply. Costs surged. And he found himself locked into a deal he couldn’t exit.

It was, in his words, one of the toughest periods of his investing career. But it was also the moment everything changed.

Because from that point on, every deal would be approached differently. Every assumption would be challenged. Every exit would be mapped before entry.

“A bad contract can cost you far more than a bad property,” he says a lesson learned the hard way.

Building a strategy that actually works

Over time, Walker refined his approach into something simple, but powerful.

He focused on strategies that offered both resilience and growth. Multilet properties became a cornerstone allowing multiple income streams from a single asset, reducing reliance on any one tenant.

Alongside that, he used flipping to generate lump sums of cash, keeping capital moving and allowing him to scale.

16

REI MAGAZINE APRIL 2026

ANDREW WALKER

More recently, he’s leaned into short-term rentals, where the numbers, when executed properly, have proven highly attractive returns. But strategy, he’s quick to point out, is only part of the equation. The real edge lies in how deals are found.

Finding deals where others aren’t looking

While most investors scroll through mainstream property portals hoping to stumble across an opportunity. Walker takes a different approach.

He looks elsewhere where others don’t for offmarket deals, distressed sellers, repossessions, and private transactions where real value can be unlocked.

to-buy agreement on three guest houses in Cleethorpes. On paper, it looked strong. The income was solid, driven by contractors staying in the properties. But the structure wasn’t tight, and more importantly, the exit wasn’t properly defined.

Because the best deals, he believes, are rarely visible to everyone. They sit where there is pressure, urgency or complexity. This is where problems exist and where most investors aren’t willing to look and are the ones who win.

The shift: Property is a business

Perhaps the most important shift in his journey came when he stopped seeing property as an investment… and started treating it like a business . During his time in the UK, he observed how serious investors operated. They weren’t just acquiring properties. They were building

ecosystems - letting agencies, sourcing businesses, multiple income streams all connected to their portfolios. That’s when it clicked. Running a property portfolio required the same discipline as any other business with systems, reporting, structure, and accountability. And that meant one thing above all else: You couldn’t do it alone.

17

MASTER INVESTOR

Walker speaks openly about the role of people in his success from coaches, accountants, property managers, tradesmen and the systems that support them. Technology, too, plays a critical role, but only when combined with the right team.

“There are two P’s in property,” he says. “Property and people. The second one is harder.”

The habit that separates the best

Ask him what has had the biggest financial impact on his journey, and the answer is surprisingly simple. Its knowing his numbers. Not occasionally. Not when things go wrong. Consistently. It’s a discipline he insists every investor should adopt, reviewing income, expenses, performance and risk regularly, and staying close to the reality of the business.

Because without that, everything else is guesswork.

The 4% difference

And then there’s the final piece, the part that separates those who build real wealth from those who stay stuck. It isn’t strategy, it’s behaviour.

The investors who succeed are not necessarily smarter, they are more consistent. Not talent. Not timing. Not luck. Just the willingness to show up, again and again, to view properties, to make offers, to learn, to act.

Most people want the outcome. Few are willing to do the work repeatedly.

“The 4% isn’t a secret,” Walker says. “It’s just the people who keep showing up when everyone else stops.”

18

REI MAGAZINE APRIL 2026

ANDREW WALKER

19

MASTER INVESTOR

Final reflection

Looking back, Walker admits there are things he would do differently today. He wouldn’t rush, he’d be more selective and more deliberate.

But he’s also clear on something most investors try to avoid: The mistakes matter, so do the bad deals, the pressure and the lessons learned the hard way.

That’s where real investors are built.

Bottom line

Andrew Walker’s journey isn’t about luck or timing. It’s about:

• Seeing opportunity early

• Learning from failure

• Building systems

• Staying disciplined

• Executing consistently

Because in the end: Property doesn’t create wealth on its own.

The investor does.

20

REI MAGAZINE APRIL 2026

Your Story Matters.

INVESTOR OF THE YEAR 2026

Where Credibility Meets Opportunity

ENTER NOW

www.investoroftheyear.co.za

Brought to you by SAPIN in partnership with Absa Home Loans

21

INVESTOR OF THE YEAR

By Neale Petersen

22

REI MAGAZINE APRIL 2026

Execution How winning

over everything: Rob T Tsekoa built a investor mindset

23

INVESTOR OF THE YEAR

The Shift: From ownership to control

For Rob T Tsekoa, the 2024 Intermediate Category Winner of Investor of the Year, Director of REBOSA and NPPC, and founder of Hashtags Properties, the journey into property didn’t begin with a master plan. It began with a realisation.

Early on, like many investors, the focus was on ownership, getting into the market, acquiring assets, and building a portfolio. But that thinking didn’t last.

The real shift came when he understood something most investors miss: Property is not about owning assets, it’s about creating income and control.

His first deal proved it. Structured correctly, the property didn’t drain his resources, it generated income. That moment changed the trajectory.

Winning the Intermediate Investor of the Year 2024 wasn’t the start, it was the validation that he had moved from learning to execution.

The Mindset: Performance over ownership

Tsekoa’s philosophy is simple and uncomfortable for many. Owning property does not equal success. Performance does.

“If the deal doesn’t produce real returns, it’s not an investment, it’s a liability.”

That mindset shows up in how he approaches every deal. He doesn’t buy for status, or hold for sentiment, he measures for performance. That alone puts him ahead of most investors.

Real Success: Turning underperformance into Income

One of the clearest examples of Tsekoa’s approach is his focus on underperforming assets.

24

REI MAGAZINE APRIL 2026

ROB T TSEKOA

Rather than chasing “perfect” properties, he targets opportunities where value can be unlocked.

For example:

• Properties with weak rental performance • Assets mismanaged or poorly positioned • Opportunities where income can be increased through better structuring

Instead of waiting for market growth, he improves:

• Tenant mix • Rental strategy • Operational efficiency

The result? Income increases without relying on external market conditions. That’s not speculation. That’s control.

Winning the Intermediate Investor of the Year 2024 wasn’t the start, it was the validation that he had moved from learning to execution.

25

INVESTOR OF THE YEAR

Decision-Making: Built for pressure, not perfection

• Higher interest rates • Increased vacancies • Rising costs

If it still works, it moves forward. If it doesn’t, he walks away.

This approach has protected him from the kind of deals that look good upfront but fail under stress. In South Africa’s current environment, that discipline is not optional, it’s survival.

In a market filled with uncertainty, Tsekoa doesn’t try to predict outcomes. He prepares for them. Every deal is assessed under pressure:

Where most fall short

Tsekoa is clear on one thing: The gap between investors is not knowledge, it’s action. He has seen it repeatedly:

• Investors who analyse endlessly but never move • Investors who wait for certainty that never comes

His approach is different. He acts, then reviews and then adjusts. That cycle repeated consistently, is what builds momentum.

The Strategy in Practice: Value-add investing

At the core of his portfolio is a strategy that delivers in any market: Value-add investing.

Rather than relying on appreciation, he focuses on improving assets to increase income. In practice, this means:

• Acquiring properties below their true potential • Enhancing rental income through better management • Repositioning assets for stronger performance

Through Hashtags Properties and his personal ventures, this approach has allowed him to: Create growth, rather than wait for it.

26

REI MAGAZINE APRIL 2026

ROB T TSEKOA

Finding opportunity others miss

• Distressed opportunities • Underperforming assets • Situations where effort creates value

These deals are not easy. They require:

• Hands-on management • Strong financial oversight • Clear execution

In tougher markets, many investors step back. Tsekoa steps in, but with discipline. He focuses on:

But that’s exactly why they work. Because most investors aren’t willing to do the work.

The business behind the portfolio

As his portfolio grew, so did the complexity. Managing tenants, maintenance, compliance, and financial performance forced a shift:

Property is a business.

Like any business, it requires:

• Systems • Financial tracking • Consistent deal evaluation

Tsekoa built discipline around:

• Reviewing property performance regularly • Tracking income and costs accurately • Making decisions based on data, not assumptions

That structure allowed him to scale without losing control.

27

INVESTOR OF THE YEAR

Rob T’s Lessons from real pressure

These weren’t setbacks, they were lessons. They reinforced the importance of:

Success didn’t come without challenges. There were unexpected costs, tenant issues and cash flow pressure.

• Conservative assumptions • Financial buffers • Proper tenant screening

Because risk is always present. The only question is whether you’ve prepared for it.

Performance: Defined differently

For Tsekoa, success is not measured by the number of properties. It’s measured by how well they perform.

A smaller, well-run portfolio will always outperform a larger, poorly managed one. That focus on efficiency and consistency is what sets him apart.

The habit that drives results

If there’s one habit behind his success, it’s this: Consistently knowing the numbers for every property, knowing every cost and also every return.

Because numbers don’t lie, they tell you:

• What’s working • What needs attention • Where to act

Without that clarity, growth becomes guesswork.

28

REI MAGAZINE APRIL 2026

ROB T TSEKOA

The 4% Mindset

• Clarity • Discipline • Consistent action

In the end, the difference is simple. Top investors have:

Everyone else hesitates. “The top investors understand exactly what they are doing and take consistent action.”

It’s built on real deals, real numbers and real discipline A principle that defines everything he does: If the deal doesn’t perform, it doesn’t matter. Because in property: Ownership is common but performance is rare.

Rob T’s journey is not built on hype

29

COVER STORY

By Neale Petersen

30

REI MAGAZINE APRIL 2026

Investor of platform to

the Year: From Awards Industry Benchmark

31

COVER STORY

More than recognition, a shift in the industry

Investor of the Year didn’t set out to change the property industry. It started as an awards platform which was initially a collaboration between REI and SAPIN in 2018 designed to recognise investors doing real work in the market. The idea was simple: create a stage where investors, not just developers or institutions, could be seen.

But something bigger happened when SAPIN took it to the next level. As the platform evolved, it exposed a deeper truth about the industry, there was a gap between perception and performance. Too many investors were operating on assumption, too many success stories were unverified, and too few platforms demanded proof.

Investor of the Year stepped into that gap. Today, it is no longer just an event. It is a benchmark, one that defines what real investing looks like in South Africa.

In a tightening market where credibility determines access to deals, funding, and partnerships, the role of Investor of the Year has become more relevant than ever.

This is the inside story of how it works and why it matters.

32

REI MAGAZINE APRIL 2026

INVESTOR OF THE YEAR

Andrew Walker unpacks the Investor of the Year platform changing how investors are recognized in a Q & A with REI.

Q: What problem were you solving when you launched Investor of the Year and why does it matter more now than ever?

The problem was simple but frustrating: South Africa had thousands of investors doing real, transformative work, and nobody knew who they were.

There was no platform that said, “Show us what you’ve actually built.” Most recognition went to developers, agencies, or institutions. The everyday investor, the one actually renovating a house in a township or helping a tenant stabilise their life was invisible.

Investor of the Year changed that. In today’s market, it matters even more. With tighter lending conditions and increased competition, being visible and credible is no longer a nice-to-have, it’s the difference between getting the deal or losing it.

Q: You’ve positioned IOTY as a benchmark, not just a competition. What does that mean in practice?

It means we’re not just handing out trophies. When you enter Investor of the Year, you’re required to document your deal properly with all the title deeds, financials, zoning, the full picture.

That process alone changes how investors see themselves. A benchmark says: this is what good looks like.

Every year, the standard rises, because the investors entering raise it. The outcome is not just a winner. It’s a community of investors who can

prove performance, not just talk about it.

33

COVER STORY

Q: What consistently stands out when you analyse top-performing investors?

Clarity and consistency. Top investors are not necessarily doing the most complex deals. They simply know exactly what they’re doing.

They understand their numbers, they can articulate their strategy. and they execute repeatedly. Most importantly, they don’t do it alone.

They build strong teams and rely on professionals who help them operate properly. That structure shows up every time.

Q: What traits do you see across winners in different categories?

Honesty and documentation. Winners don’t guess, they measure. Whether it’s a first-time investor or a portfolio player, they know their numbers and they’re willing to share them.

There’s also a sense of purpose. The best investors aren’t just chasing returns. They’re building something for their families, their communities, and their future.

Q: Where do most investors fall short even when they think they’re doing well?

They confuse activity with performance. Buying property is not the same as building wealth.

Collecting rent is not the same as generating profit. Many investors are busy, but they can’t tell you their actual return on investment, or what vacancies are costing them.

When they go through the IOTY process, they realise they’ve been operating on perception instead of proof. That’s not failure, it’s clarity.

34

REI MAGAZINE APRIL 2026

INVESTOR OF THE YEAR

Q: How important is execution versus strategy?

Execution wins. There are investors with brilliant strategies who never move, they’re always refining, analysing, waiting.

And there are investors with simple strategies who build serious portfolios because they act. The key is balance.

You need enough strategy to avoid mistakes, but ultimately, it’s what you do that matters. Investor of the Year rewards execution, not ideas.

35

COVER STORY

Q: Why is “show your numbers” such a critical part of the process?

Because the industry has a credibility problem. There’s a lot of noise, people showcasing lifestyle without showing performance.

The market is becoming more sceptical, and rightly so. When investors submit documented deals, they separate themselves from that noise. They create trust and trust is what unlocks real opportunity.

Q: How does the platform help investors move from perceived success to proven performance?

The process itself is the transformation. You have to step back and look at your deal objectively, without emotion.

When you present it to independent judges, it either holds up or it doesn’t. That clarity changes how investors operate going forward.

36

REI MAGAZINE APRIL 2026

INVESTOR OF THE YEAR

Q: What role does credibility play in unlocking growth?

It’s everything. We’ve seen investors struggle to raise funding, not because the deal was bad, but because they couldn’t prove their track record.

Once they go through IOTY, that changes. It becomes easier to raise finance, attract partners and access better opportunities. Because credibility removes doubt.

Q: What are the biggest risks investors are underestimating right now?

Cash flow. Many investors bought in a lower interest rate environment and haven’t adjusted their numbers.

On paper, the deals look fine. In reality, they’re under pressure. There’s also increasing risk around tenants - non-payment, damage, and vacancy. The market is no longer forgiving.

It rewards preparation and punishes assumption.

Q: How has the profile of a top investor evolved?

The accidental landlord is disappearing. Today’s top investor is intentional. They educate themselves, build teams, track performance, treat property as a business.

This is a major shift and it’s only accelerating.

Q: Are we entering a more professional era of investing?

37

COVER STORY

Absolutely. The market is forcing it. Lenders are stricter, tenants are more protected and costs are rising.

In this environment, the professional investor thrives and the unprepared investor struggles.

Investor of the Year is part of that professionalisation.

Q: Why is the category structure so important?

Because investing is a journey. Not everyone is at the same level and they shouldn’t be judged the same way.

Beginner investors deserve recognition for starting. Intermediate investors for building. Big League investors for scaling.

Beyond that, the sub-categories reflect the real diversity of the market from community impact to innovation.

Q: How has the profile of a top investor evolved?

The accidental landlord is disappearing. Today’s top investor is intentional. They educate themselves, build teams, track performance, treat property as a business.

This is a major shift and it’s only accelerating.

Q: Why should investors enter even if they don’t think they’ll win?

Because the process is the prize. Every investor who enters walks away with:

• A documented deal • A clearer understanding of their performance • Exposure to a network that can change their trajectory

Winning is powerful. But transformation is more valuable.

38

REI MAGAZINE APRIL 2026

INVESTOR OF THE YEAR

Q: What kind of transformation have you seen?

Investors unlocking funding they couldn’t access before. Stepping into mentorship roles.

Gaining clarity on their strategy. Sometimes the change is external. Sometimes it’s internal. But it’s always real.

Q: How does IOTY accelerate growth?

Recognition creates visibility. Visibility creates opportunity and opportunity attracts: Funders, partners and mentors.

It’s not just an award, it’s a platform that connects investors to the next level.

Q: What is the long-term vision for Investor of the Year?

To become the standard and becomes the platform every serious investor aspires to be recognised through. More than that to shift how South Africans think about property.

Not just as ownership. But as a tool for wealth creation, community impact and generational change.

39

COVER STORY

Q: What is the one message investors should take from IOTY 2026?

Your story matters. But only if you can prove it.

Q: In today’s market, what is the real question investors should be asking?

Not “Should I invest?” But rather “Am I invested in myself as an investor?”

Because the market will always cycle. The investors who win are the ones who:

• • • •

Educate themselves Know their numbers Build strong teams Stay disciplined

Those are the investors the market rewards.

40

REI MAGAZINE APRIL 2026

INVESTOR OF THE YEAR

Investor of the Year started as an awards event.

Today, it stands as something far more powerful. A benchmark, platform and a filter for real performance in a market that is becoming more demanding by the day, that matters more than ever.

ENTER NOW

41

AGENCY SPOTLIGHT

By Khanya Gundwana

42

REI MAGAZINE APRIL 2026

Agents as Realty is Commercial

Stakeholders: How eXp Redefining South African and Luxury Real Estate

43

AGENCY SPOTLIGHT

There’s something the traditional real estate model is missing. That was the unmistakable message emanating from eXpcon Cape Town 2026 this past February.

The landmark event brought together innovators and market leaders, but it was the vision articulated by eXp Realty South Africa’s key leadership—Mike Walters, Operations Manager, and Stuart Hyslop, Agent Development Manager—that truly signaled a paradigm shift for the local industry. In a year defined by smarter clients and heightened competition, eXp Realty isn’t just navigating the changes; they are rewriting the playbook for both commercial and luxury practitioners.

The Commercial Standard: Moving from Agent to Stakeholder

For Mike Walters, the commercial real estate sector in South Africa has long been hampered by outdated systems and the crushing burden of high fixed overheads typical of traditional real estate agencies. At eXpcon, he outlined a “New Standard” designed to empower agents through a collaborative, cloud-based network.

“Commercial real estate is about being an eXpert in your field, commanding trust, controlling your brand, and operating at a higher standard,” Walters stated.

“The model shifts you from a traditional agency mindset to a shareholding stakeholder in the company. Our vision is to be the most forward-thinking commercial platform in the South African landscape.”

To survive and thrive in 2026, Walters argues, agents must be quick, flexible, and proactive. The eXp approach achieves this by removing the geographic “farming” constraints that have traditionally limited agents. In this model, agents drive their own growth through personal microsites and social branding, rather than relying on company-driven leads. They leverage a national shared inventory to market listings across the country, positioning themselves as trusted authorities from industrial and retail property to “going concern” businesses, regardless of location.

44

REI MAGAZINE APRIL 2026

eXp Realty South Africa

April Rollout: Boutique and Personalised eXperiences

This month marks a significant step forward for the platform. Walters announced that from April 2026, eXp Commercial is launching highperformance sessions focused on “Elite Collaboration.” These sessions are designed to move agents away from administrative burdens and toward smarter, tech-enabled operations. Key focus areas include:

• Advanced AI Search: Mastering commercial CRM tools to find and syndicate opportunities faster.

• Professional Analysis: Accessing specialized valuation and research tools.

• Streamlined Workflow: Utilizing digital platforms for document capture and compliance.

• Dedicated Networking Nodes: Establishing physical and virtual points of collaboration across major centers.

45

AGENCY SPOTLIGHT

The Luxury Standard: It’s Not About the Price Point

While Walters focused on commercial evolution, Stuart Hyslop challenged the very definition of the luxury sector. His presentation, “Luxury Is Not A Price Point. It’s A Standard,” addressed the mounting pressures facing high-end agents. “Luxury clients today are smarter, more selective, and more demanding,” Hyslop observed.

“Most agents are trying to operate at a luxury level without luxurylevel systems, training, or networks. That gap is exactly what we’re addressing through our upcoming eXp Luxury sessions.”

The traditional agency model is failing the luxury agent by demanding they do everything themselves while offering less support and charging more for marketing.

To answer this, Hyslop announced the launch of the eXp Luxury Dinner.

“These are not motivational events. These are working rooms,” Hyslop emphasized.

eXp Realty South Africa is moving away from generic training and into boutique and personalised eXperiences. Our high-performance sessions and Luxury Masterminds are designed to be “working rooms”—limited by design to ensure that every participant receives tailored, actionable insights. These sessions will focus on high-level collaboration, utilizing advanced AI search and commercial CRM tools to find and syndicate opportunities with surgical precision.

The goal of these think tank sessions is to gather high-performing agents to learn the tangible mechanics of a true luxury business: attracting premium clients, structuring high-impact luxury presentations, and leveraging a global referral network.

46

REI MAGAZINE APRIL 2026

eXp Realty South Africa

From Chasing to Attracting

Hyslop described the outcome of this shift in standards as transformative. “When agents shift into luxury properly, they stop chasing leads and start attracting opportunities. They become known, not just busy.”

By focusing on these systems, agents are seeing an increase in win rates for better listings and, crucially, a higher average commission per transaction.

Fueling the Triple-Threat

From an eXp Realty South Africa Marketing perspective, seeing these two worlds—Commercial and Luxury—align with our existing core of high-performing agents is incredibly inspiring.

“We’re excited to be part of a movement that adds such immense value to our Commercial and Luxury sectors while continuing to support our already very productive agent team here locally,” says Khanya Gundwana. “Our goal is to provide a marketing engine that doesn’t just promote properties, but elevates the agent as the ultimate authority in their space. We are building a brand where every agent, regardless of their niche, has the tools to compete on a global stage.”

47

AGENCY SPOTLIGHT

The Art of Anticipation: The Human Edge in an AI World

While technology is the backbone of our agency, we believe the true differentiator remains the human element. As we look toward the future, the significance of AI cannot be overstated, but it is merely a tool to amplify human talent. The real magic happens when an agent uses these tools to add value and generate customer experiences that are unique and unexpected. We call this “The Art of Anticipation”—the ability to understand a client’s needs before they even voice them.

“AI can process data, but it cannot replicate the intuition required to create a truly bespoke journey for a buyer or seller,” Andrew Thompson (CEO & Country Leader) concluded. “The most successful agents of 2026 will be those who master the tech to handle the ‘what,’ while applying the Art of Anticipation to master the ‘how.’ That is the hallmark of an eXceptional agent.”

Building Lasting Wealth in 2026

The common thread linking eXp’s strategy across both the Commercial and Luxury sectors is long-term wealth building and unparalleled connectivity. The eXp model uniquely rewards top performance with equity shares at key production milestones, transforming agents into actual owners of the brand they are building. In 2026, the South African agent is no longer isolated; they have instant access to an international virtual campus for training and connectivity to over 83,000 agents worldwide to facilitate high-value, global referrals.

By integrating tech-enabled efficiency, geographic freedom, and ownership opportunities, eXp Realty South Africa is not just inviting agents to join a real estate agency; they are inviting them to step into a standard that empowers true financial freedom.

48

REI MAGAZINE APRIL 2026

49

PROPERTY MANAGEMENT

Trustees, agents and of Community Scheme

By Neale Petersen

50

REI MAGAZINE APRIL 2026

the new rules governance

51

PROPERTY MANAGEMENT

Why community scheme governance is under the spotlight

Community schemes have become one of the most important forms of housing and property ownership in South Africa. They include sectional title schemes, homeowners’ associations, share block developments and other forms of shared community living.

In practice, they are mini-economies: they collect levies, maintain shared assets, manage suppliers, enforce conduct and governance rules, and protect the value of residents’ homes and investments.

Their governance sits within a formal regulatory framework. The Community Schemes Ombud Service, or CSOS, oversees governance, dispute resolution and scheme registration, while the Property Practitioners Regulatory Authority, or PPRA, regulates property practitioners and consumer protection. Both report through the National Department of Human Settlements, although they perform different functions and do not operate as the same regulator.

That broader context framed a sharp and often uncomfortable debate at the recent WeconnectU Engage 2026 conference at La Paris, Franschhoek, where industry leaders unpacked the evolving role of trustees and managing agents in sectional title and community scheme management.

Moderated by Tobie van der Merwe and Maritza Botha of WeconnectU’s Community Schemes division, the panel did not dance around the issues. It drilled into governance failure, trustee capability, regulation, executive managing agents, data, compliance, utility management and the growing professional burden being carried by managing agents.

At the core of the discussion was a simple but critical question: is the current governance model still fit for purpose?

52

REI MAGAZINE APRIL 2026

Why this debate matters

The modern community scheme is no longer a simple block of flats with a few owners making occasional decisions. It is a regulated asset environment with legal, financial, operational and social dimensions.

Trustees are expected to understand fiduciary duties, budgets, reserve funds, maintenance planning, rules, dispute resolution, audits, levy recovery and compliance. Managing agents, meanwhile, are increasingly expected to be administrators, communicators, compliance partners, strategists and now even technology enablers.

That tension is growing. The regulatory burden is increasing. Owners want more value. Costs are rising. Infrastructure is ageing. Utilities are becoming more complex. And digital systems are exposing weaknesses that were previously hidden.

53

PROPERTY MANAGEMENT

What the panellists said:

Marina Constas of BBM Law

She was one of the strongest voices in the room, and arguably the one that cut closest to the bone. Her core argument was blunt: too many trustees are simply not adequately equipped for the role.

She pushed for compulsory trustee training within a fixed period after appointment and warned that many trustees enter office without a real understanding of sectional title governance, their legal duties or the consequences of poor decisions.

She also distinguished between an administrator and an executive managing agent, making it clear that these are not interchangeable interventions. Her broader point was that the industry cannot keep pretending that volunteer governance, unsupported and under-skilled, will consistently deliver sound outcomes.

Constas also argued that the future belongs to a more robust and professional community asset management model. In her view, managing agents will need to move beyond mundane administration and take more responsibility for oversight, performance management, cost control and long-term value enhancement.

She pointed to international examples, including Australia and the US, where managing agents play a far more strategic role in the life of a building.

54

REI MAGAZINE APRIL 2026

Danie van der Merwe of WeconnectU

He helped drive one of the most forward-looking ideas of the session: that the real value of managing agents is shifting.

As automation and AI take over repetitive tasks, the real differentiator becomes experience, community enhancement and strategic asset support.

The question is no longer only how a scheme is administered, but how it is made more desirable, more efficient and more resilient. That means thinking about resident experience, building identity, operating standards and value creation, not just compliance.

Johan Stander of Urbtech

He added an operational and systems lens to the debate. The conversation around trustee governance cannot be separated from the quality of information, controls and systems available to schemes. A badly governed scheme is often also a badly measured scheme. Data gaps, manual processes and fragmented systems make it harder to detect risk early, enforce accountability and improve performance.

55

PROPERTY MANAGEMENT

Vita Wilkens of NAMA

Her explanation was important because it clarified a point often misunderstood in the market: the PPRA regulates property practitioners; CSOS regulates scheme governance and dispute structures; and an industry body like NAMA must advocate, train, lobby and build professional standards in between.

Vita director of NAMA brought a critical institutional perspective. She made it clear that NAMA, as a voluntary industry body for managing agents, exists to protect, organise and professionalise the sector.

Her message was that managing agents cannot wait for the state alone to professionalise the sector. The industry has to organise itself, gather evidence, pressure for reform, create standards and build competence from within.

CSOS representatives: Nokwanda Molefe/Nduduzo Mthimkhulu

They acknowledged both the ambition and the strain in the current system. They stressed that CSOS needs more schemes to register, more schemes to comply properly, and more professionals to engage with systems and processes designed to improve transparency.

The discussion highlighted familiar frustrations: incomplete registrations, outdated or improperly lodged rules, non-compliant financial submissions, weak uptake of digital tools, and the practical difficulty of regulating schemes that sit outside the formal net.

56

REI MAGAZINE APRIL 2026

A key message from the CSOS side was that technology platforms can improve accuracy, payment allocation and visibility, but only if the industry actually uses them.

Another important tension surfaced around executive managing agents. While they are often seen as a solution for troubled schemes, several voices warned that the model can fail if entry standards are too low, if professionals are not properly supported, or if the appointment process leaves them exposed to hostile trustees and non-cooperation.

That turned the discussion from whether Executive Managing Agents (EMA’s) are useful to whether the framework around them is strong enough.

Philip Nell of NABA Infrastructure Consultants

Philip shifted the conversation from governance theory to hard operational reality. Their message was straightforward: if schemes do not measure their utilities, monitor infrastructure and use data intelligently, they will lose money.

Rising utility costs, solar installations, smart water metering, leak detection, maintenance planning and asset-life optimisation are no longer optional extras. They are central to the financial sustainability of schemes. AI may help interpret data, but without clean, structured information and qualified experts, it can just as easily mislead

57

PROPERTY MANAGEMENT

The biggest challenges raised

First is trustee capability.

• Volunteer trustees often carry major responsibility without the training, time or appetite to govern well. Some are committed and capable; many are not. The result is inconsistency, conflict and risk.

Second is role confusion.

• Too many schemes still misunderstand the distinction between trustees, managing agents, executive managing agents, administrators and regulators. When roles blur, accountability weakens.

Third is fragmented regulation.

The debate surfaced several recurring fault lines.

• CSOS and the PPRA serve different functions, and while both sit

58

REI MAGAZINE APRIL 2026

within the Human Settlements ecosystem, the market still experiences gaps between governance, practitioner regulation and enforcement. That creates friction and, sometimes, buck-passing.

Officially, the PPRA’s mandate is to regulate property practitioners and protect consumers, while CSOS focuses on the governance environment for community schemes, including registration, dispute resolution and scheme oversight.

Fourth is poor compliance culture.

• Too many schemes remain unregistered, submit defective information, use outdated rules or fail on audit and reporting requirements. That undermines visibility and weakens the entire governance net.

Fifth is technology adoption without strategic use.

• Digital tools, apps, payment platforms and AI can improve transparency and efficiency, but only when they are supported by disciplined processes, structured data and real human competence.

Sixth is the rising professional burden on managing agents.

• The industry is expecting more from managing agents every year, yet the market still often prices them as if they are only administrators.

The triumphs from the discussion

For all the friction, the session also revealed a sector that is alive, thinking and pushing for change.

• There was clear agreement that professionalisation is no longer optional. • There was growing support for stronger trustee education, even if the room disagreed on whether that alone is enough. • There was real momentum behind the idea that managing agents must evolve into higher-value strategic partners. • There was recognition that data, utility intelligence and better systems can materially improve scheme governance and cashflow. • And there was a strong sense that the industry needs more organised advocacy, better standards and a louder collective voice.

59

PROPERTY MANAGEMENT

That matters. Because while the problems are real, so is the appetite to fix them.

Key issues facing Community Schemes and how to fix them

1. Governance gaps in volunteer trustee structures

Many community schemes are governed like small volunteer clubs, yet they operate as regulated property businesses responsible for millions of rands in assets and budgets.

What needs to change: Raise the minimum governance standard through structured trustee induction, practical training, clearer governance documentation and stronger enforcement of fiduciary duties.

2. Managing agents caught in the middle

Managing agents are often trapped between legal compliance, demanding owners and dysfunctional trustee boards, leaving them responsible for outcomes but with limited authority.

What needs to change: Strengthen the professional standing of managing agents, clarify their mandate, ensure realistic fee structures and build stronger support through industry bodies and regulatory frameworks.

3. Lack of sector visibility and reliable data

Unregistered schemes, incomplete records and manual processes create major blind spots across the sector, making effective oversight and regulation difficult.

What needs to change: Drive higher levels of scheme registration, expand the use of digital compliance systems, improve payment platforms and enforce disciplined data management across schemes.

60

REI MAGAZINE APRIL 2026

4. Reactive asset and utility management

Many schemes only respond to infrastructure problems once they become urgent and expensive, rather than managing assets proactively.

What needs to change: Treat buildings as long-term investment assets by using smart utility metering, collecting operational data, implementing planned maintenance programmes and embedding data-driven decisionmaking.

5. Breakdown of trust between stakeholders

Tension often exists between owners, trustees, managing agents and regulators, creating conflict and slowing decision-making.

What needs to change: Rebuild confidence through transparent communication, clearly defined roles, documented governance processes and consistent professional conduct across the sector.

Closing thoughts

The debate at La Paris made one thing unmistakably clear: the future of sectional title and community scheme management will not be secured by habit, hope or outdated structures.

It will be secured by education, engagement and communication. But not only that.

It will also require professionalisation, better data, stronger accountability, practical technology adoption, regulatory clarity and a more strategic view of what community scheme management actually is.

61

62

REI MAGAZINE APRIL 2026

63

64

REI MAGAZINE APRIL 2026

65

COMMERCIAL

Auctions in the ether: quietly drives the online

By Professor Adrain Saville and Ian McLeod

66

REI MAGAZINE APRIL 2026

How invisible bidding economy

The Power of

Auctions

Part 5

67

COMMERCIAL

Auctions have a sonic signature. There’s a certain hum to the crowd. There’s the unmistakable smack of the hammer coming down as the deal is sealed. And we all know the unique tone auctioneers take when inviting bids. These can be noisy affairs.

However, the majority of auction behaviour happens in silence these days. Offers and bids in the modern economy take the form of binary signals, soundlessly shooting around the internet, through data centres, and resolving by algorithm rather than human and hammer. The sums of money and shear efficiency are staggering. These auctions aren’t just operating in the background. They’re often under our noses. Several might be playing out on your screen while you read this.

Auctioning eyeballs, one click at a time

Every time someone types a query into Google, an auction is initiated. In fact, it takes place before the results load. Advertisers bid for the right to appear alongside a specific search term, and the winner is chosen not simply by price, but by a formula balancing bid size, relevance and expected click-through rates.

This system, refined over two decades by Google and others, is a variant of a generalised second-price (GSP) auction. On this (and modern auction science generally), Paul Milgrom and Robert Wilson are the leading brains. The pair shared the Nobel prize in 2020 for their work on novel auction designs.

In short, the GSP auction means the highest bidder gets the top slot, the second highest the next, and so on. That is pretty standard. The kicker is that each winner pays the price of the bid just below them. So, the winner pays the second highest bid price and so on.

68

REI MAGAZINE APRIL 2026

That said, the specifics of the precise mechanisms applied by each online giant are closely guarded secrets. The gist is public, but the granularity is the subject of much speculation. Advertisers with marginally smarter bidding or more amenable keyword selection might just punch their advert to the all-important top spot.

The scale is astonishing. The global online advertising market was worth half-a-trillion US dollars in 2025. It is likely to double in size by 2032. Notably, however, this size doesn’t mean that detail is lost.

Search advertising prices attention with extraordinary granularity. A search for “cheap flights” at 9am in London may fetch a very different price from the same search at midnight in Johannesburg or 3pm in Istanbul. This is price discovery at the speed of light, tailored for location, device time, time of day and much more.

From electricity to cloud computing

Advertising is only part of this story. Wholesale electricity markets in Europe, North America and parts of Africa rely on daily auctions to determine which power plants run and at what price.

Generators submit bids reflecting their costs; the marginal plant sets the market price. When energy is scarce, prices spike - not because of greed, but because auctions reveal scarcity with brutal honesty and unmatched efficiency.

Cloud computing works in much the same way. Firms bid indirectly for server capacity through dynamic pricing mechanisms run by providers such as Amazon Web Services (AWS). During periods of heavy demand, computing power becomes more expensive, rationed not by queues or auction hammers, but by price.

As demand for energy booms with our increasing appetite for artificial intelligence (AI), this is likely a field where innovative auction systems will become increasingly useful.

69

COMMERCIAL

Brutal but elegant

Algorithmic auctions have their opponents. They can be accused of producing price volatility and can be accused of leading to higher prices. In response, defenders will argue that volatility and prices are relative. Additionally, that there is a cost to ensuring stable, low prices. Usually someone is paying for these benefits, it might just not be the end user.

A tangible example captures the challenge. Imagine you’ve just seen your favourite band live in concert. You and 80,000 other fans are now exiting the stadium. Half of the crowd is on their phones trying to order a ride share.

Some will argue that it is unethical for ride-haling services to raise prices. So-called “surge pricing” might elevate fees 20 times. Service providers should, the argument goes, be forced to apply standard prices.

Would this help? You and your 40,000 competitors for a ride home might see the standard price on your phone screen. But is it really a price if no driver will take your fare? At standard prices 40,000 people are left with a standard number of cars and willing drivers.

Algorithmic bidding would be different. With tired concert-goers free to bid prices up, those willing and able to pay a higher price will push prices higher to get a ride home. This will coax more drivers out of bed and into their cars. Those willing to pay at the top end of the spectrum will be next in line. And so it will go until everyone is home - meaning “equilibrium” is restored.

The auction option might be brutal, but it is elegant. As economist Thomas Sowell reminds us, “There are no solutions, only trade-offs.”

70

REI MAGAZINE APRIL 2026

71

COMMERCIAL

Five articles, five lessons

From the ancient Babylonian marriage market to the online auctions happening beneath your fingertips, this series has traversed the phenomenon of the auction.

What have we learned?

1. Auctions endure

Designs will progress and the platform will vary, but the auction is a powerful solution to many commercial conundrums.

2. Auctioning efficiency

Wherever buyer and seller are better off in the long run by trading via auction, that is what we’ll do.

3. The human element

Economics is a social science. Auctions, likewise, are designed, run and used by humans. The behavioural element matters.

4. Future focus

As more of the economy is run in the cloud, powered by digital systems, the speed, scalability and reliability of auctions will become increasingly relevant – even if, as this article shows, it happens in silence.

5. Ye olde auction

For as long as we value nostalgia and feel the need to learn from the past, auctions will be the natural marketplace for the historical artefacts, beautiful, old, rare, and difficult to price.

72

REI MAGAZINE APRIL 2026

73

74

REI MAGAZINE APRIL 2026

75

STUDENT ACCOMMODATION

By Retha van Rooyen

76

REI MAGAZINE APRIL 2026

The a

Student Bed Shortage: Turning a national crisis into shared opportunity

77

STUDENT ACCOMMODATION

When one bed can change a life

Every February, I meet students standing on pavements with their suitcases; waiting, hoping, praying for a bed.

Some have travelled overnight from rural towns, clutching acceptance letters and plastic folders filled with dreams. And sometimes, there simply isn’t a place for them to stay.

One student once said to me, tears in her eyes, “I got into university. I just didn’t realize getting a bed would be harder.”That moment stays with me every year. Because in South Africa today, we have one of the biggest student housing shortages in the world, over 500,000 beds short, and growing.

And every one of those missing beds represents a dream delayed, a dropout waiting to happen, or a life stuck in limbo.

The bigger problem behind the numbers

This isn’t just a housing crisis; it’s an education access crisis. When students don’t have stable, safe housing:

• • • •

Their attendance drops Their marks suffer Their mental health declines Their chances of graduating fall dramatically

For many NSFAS-funded students, rent is covered, but finding accredited, compliant, and affordable accommodation is the real challenge.

At the same time, landlords who want to help often don’t know how, the accreditation process feels complicated, the costs uncertain, and the risks intimidating. That’s where My Student House steps in.

78

REI MAGAZINE APRIL 2026

Turning ordinary properties into extraordinary impact

At My Student House, we’ve built a model that helps landlords, investors, and communities become part of the solution, one house, one room, one student at a time.

We handle the end-to-end process, from feasibility to full management:

1. Feasibility & Planning 2. Accreditation & Compliance 3. Designing for Affordability 4. Operations & Management

This integrated model makes student accommodation not only more accessible, but also more sustainable and attractive for landlords.

79

STUDENT ACCOMMODATION

Lessons from scaling supply

The fastest way to add beds is not always to build new ones, it’s to fix the ones we already have Thousands of underutilised houses and buildings could become accredited student homes with the right guidance and investment.

Through working with multiple landlords and universities, we’ve learned a few important lessons about growing the sector responsibly:

Collaboration beats competition Developers, landlords, and universities can achieve far more when they share information and coordinate supply.

Small investors make a big difference Even one compliant, well-managed property can house 10 - 15 students, multiply that by 1,000 landlords, and the gap begins to close.

Affordability drives occupancy Sustainable pricing aligned with NSFAS rates ensures long-term viability and continuous demand.

Quality builds trust Accreditation, compliance, and care keep students safe and universities confident, which keeps beds filled year after year.

80

REI MAGAZINE APRIL 2026

Advice for Landlords and Investors

Start where you are You don’t need a brand-new building, start with a house you already own.

If you’ve ever thought about entering or expanding in student housing, now is the time. Here’s what we tell new partners:

Get accredited It’s the gateway to stability and NSFAS funding.

Keep it simple Good design doesn’t mean expensive, it means thoughtful.

Think beyond rent Build for belonging, add services, safety, and heart.

Ask for help You don’t have to do this alone, that’s what we’re here for.

The student bed shortage isn’t just a problem for government or universities to solve; it’s an opportunity for all of us. When landlords open their doors, when investors think long-term, and when operators act with care, we can turn crisis into capacity.

A shared solution

Every additional bed is a bridge to opportunity, and every safe home gives a student a fighting chance to become the graduate, leader, or innovator South Africa needs. At My Student House, we believe in transforming ordinary properties into extraordinary impact, where students can live, learn, and make memories. Let’s close the gap together

If you’re a landlord, investor, or partner who wants to be part of the solution, we’d love to walk the journey with you. Together, we can turn unused spaces into homes, and potential into progress.

Contact us

81

Student Accommodation Management Services

Looking for a reliable partner to simplify student accommodation management? My Student House has you covered!

NSFAS Administration Accreditation Challenges Maintenance Management Student Life Management Student Placements Health & Safety Compliance

FOR MORE INFO

084 575 1000

FOR MORE INFO

landlords@mystudenthouse.co.za

82

REI MAGAZINE APRIL 2026

GET STARTED TODAY

MY STUDENT HOUSE

83

RESIDENTIAL

By Ash Muller

84

REI MAGAZINE APRIL 2026

Ghost Africa’s

Houses: The crisis of South missing title deeds

85

RESIDENTIAL

There is a massive, invisible crisis brewing in the background of South African life that might affect your family or your future.

Right now, over one million South African families are living in houses they believe they own, but they do not actually have the one document that proves it. It is called a title deed, and without it, their biggest asset is legally uncertain.

What a title deed really means

A title deed is the legal document that proves ownership of a property. It is recorded in the Deeds Office and links a person’s name to a specific piece of land. Without it, someone may live in a house, but they cannot easily sell it, use it as security for a loan, or pass it on smoothly to their children.

“People often underestimate how fundamental a title deed is,” says Cor van Deventer, director at VDM Attorneys, who specialises in conveyancing and property law.

How the title deed gap developed

“Without registration in the Deeds Office, ownership is not legally enforceable in the way most people assume. You may occupy the property, but your rights are limited and difficult to protect.” Since 1994, millions of subsidised houses have been built. Providing homes at scale was an enormous task, and construction often outpaced administration.

Over time, several problems developed. In some areas, townships were not properly proclaimed or surveyed. Records were lost or captured incorrectly. In many cases, the original beneficiary moved away or died.

86

REI MAGAZINE APRIL 2026

Title Deeds

Some houses were sold informally without going through legal transfer processes. Municipalities frequently lacked sufficient staff or systems to keep up with growing demand.

As a result, families received keys, but not the legal proof of ownership. Van Deventer says this gap between occupation and legal ownership is one of the most common problems his office encounters.

“We regularly see situations where a property has changed hands two or three times informally, but the title deed is still in the name of the original beneficiary.

When that person passes away, the legal position becomes extremely complicated because the Deeds Office records no longer match reality.”

87

RESIDENTIAL

Why this matters for the economy and families

It is easy to think this is an issue for an older generation. In reality, it shapes the economy and society that young adults are about to enter. Property is usually the largest asset a family owns. If it is not registered, it cannot fully serve as a foundation for building wealth. Banks are unable to lend against the property, and selling it formally becomes almost impossible.

According to van Deventer, the absence of a proper title also affects the broader financial system. “Banks rely on registered ownership as security. If there is no title deed, there is no collateral.”

That means the property cannot be bonded, which prevents families from accessing credit that could otherwise be used for education, business, or home improvements.”

The inheritance and legal risk problem

Inheritance also becomes harder. When ownership is unclear, disputes between relatives can arise, and homes can be lost or tied up in conflict for years.

“In estates where the title deed is missing or incorrect, the transfer process can take years to resolve,” van Deventer explains. “In some cases, heirs cannot sell the property, cannot transfer it, and cannot use it as security. The asset exists, but legally it is stuck.”

The people who were meant to benefit from asset ownership remain without its full advantages.

88

REI MAGAZINE APRIL 2026

Title Deeds

When property cannot build wealth

If more than a million RDP homes are each worth a few hundred thousand rand, the total value is enormous. Yet much of that value cannot move.

Economists sometimes refer to this as asset poverty. A family may live in a valuable house, but they are still financially stuck because the asset cannot be used in the formal economy.

They cannot use the house as collateral to get a loan for a small business or to pay for a child’s university fees. If they try to sell the house to move to a better area, they often have to do so informally for a small amount of cash because no bank will lend on a property without a registered title deed.

89

RESIDENTIAL

Van Deventer says these informal sales create long-term legal risk. “Once a property is sold outside the formal transfer process, each new transaction becomes more difficult to fix.”

By the time the matter reaches an attorney, there may be multiple occupants, deceased estates, and missing records involved. Correcting that can require court applications, reconstruction of title, or special transfers, all of which take time and cost money.”

This keeps families from building the kind of wealth that can be passed down to the next generation.

The bigger national issue

A home should come with a title deed, because every owner deserves security, dignity, and the chance to build a better financial future. “This is not only a legal issue,” says van Deventer. “It is an economic issue, a social issue, and in many ways a generational issue. Ownership only has real value when it is properly recorded, protected, and transferable.”

Without that, millions of South Africans are living in houses that exist physically, but not fully in law. And until that changes, one of the country’s biggest wealth-building tools will remain out of reach for the very people it was meant to empower.

About Ash Muller Ash Müller is a property writer and former broker. Founder of Ask Ash Media House, she creates content that connects investors, developers and audiences to property.

90

REI MAGAZINE APRIL 2026

91

RESIDENTIAL

By Daniel Lombard

92

REI MAGAZINE APRIL 2026

Property start with

Investing: Strong returns understanding risk

93

RESIDENTIAL

The story investors love to tell

One thing I’ve learnt over many years in property is that when a deal goes well, investors love talking about it.

They’ll stand at a braai with a chop in one hand and a cold drink in the other, telling their mates how they saw the opportunity before anyone else, how they moved at exactly the right time, and how the deal paid off beautifully. In those moments, everyone sounds like a seasoned expert.

But when a deal goes wrong, the story usually changes. Then the market was against them, the transfer took too long, the tenant caused problems, the economy turned, or the timing just was not right. Somehow the success is personal, but the failure belongs to everyone else.

That is just human nature. We are quick to own our wins and just as quick to distance ourselves from our losses.

94

REI MAGAZINE APRIL 2026

The truth, though, is that every investment carries some form of risk. It does not matter whether you are investing in property, shares, a business, or simply leaving your money in the bank and hoping it keeps its value over time. Risk is always there in one form or another.

So the real question is not whether risk exists. It always does. The real question is whether you understand that risk properly before you commit, and whether the return is worth it.

Thus, as Edward Griffith said many moons ago “if you risk playing the game your risk losing it” That, for me, is where sensible investing starts.

95

RESIDENTIAL

Looking beyond the headline number

Too many investors look at the return first and only later start asking questions about the structure underneath it. In my view, that is the wrong way round.

A return on paper means very little if you do not know what security backs it, how the downside is managed, what the exit looks like, and what happens if the transaction takes longer than expected.

At Wealth Assist, we have always believed that a proper investment should make sense beneath the surface, not just in the headline number. That is why our model starts with buying well. We focus on opportunities where the property is secured at 75% or less of market value, all costs included, which creates a meaningful buffer from the outset.

That is also why our returns can look high to someone seeing the model for the first time. The return may appear strong relative to the deal size, but when you compare it to the value of the underlying property, the risk picture looks very different. The investment is not being driven by speculation alone. It is being driven by discounted acquisition, structured agreements, and a planned exit.

96

REI MAGAZINE APRIL 2026

Why strong returns still need strong structure

Over the years, that model has produced strong results. Our Buy & Lease Back product has delivered average audited gross returns of 20.94% over the past 13 years, with the lowest return being 16.59%. Our Buy to Sell product has delivered average audited gross returns of 31.44%, with the lowest being 17.81%.

The broader origination strategy has also been tested in the South African market over the past 13 years, facilitating more than R400 million across 300-plus transactions and generating returns ranging between 16% and 35% per annum for investors. Now, let me say this clearly. Strong returns do not mean there is no risk. They simply mean the risk and reward have been structured intelligently.

97

RESIDENTIAL

In the earlier years, part of the appeal of this market was that it was still relatively new to many investors. As the market matured, our focus was not only on keeping the opportunity attractive, but on improving the quality of the security behind every deal.

That meant strengthening the agreements, refining the due diligence, tightening the approval process, and learning from the challenges that inevitably come with doing real transactions in the real world.

If you want peace, prepare for all potential challenges

A specialist I met with recently said something that stuck with me: if you want peace, prepare for war. That is exactly how I think about property risk.

If you want peace as an investor, you do not only prepare for the deal going right. You prepare properly for the moments when things do not go according to plan. That means your structure, your contracts, your security, and your process must already be in place before the pressure arrives.

Practically, that risk mitigation includes a ring-fenced SPV that holds the properties, first mortgage bond security over each property, and conservative exposure-to-value ratios.

Our recent innovation is to include a full-term rental warranty, additional 3-month rental deposit, and a structure designed to give the investment breathing room if timelines are stretched.

98

REI MAGAZINE APRIL 2026

Then there is the quality of the due diligence itself. Professional valuations are done, properties are inspected, maintenance quotations and compliance items are checked, title deeds are scrutinised, and owner affordability and legal risk are assessed before approval. Another important point is diversification. Invest in various of the products and structures, which helps reduce the risk of one underperforming asset causing serious damage to the entire structure.

So what can still go wrong?

None of the above protects you fully and there is always something which we no one can anticipate and can go wrong. A transfer can be delayed, Iranian war can take place, Covid 19 can happen, the sale of the property can take longer than expected. A tenant can become difficult. Market conditions can shift. Anyone who has spent enough time in property knows that there are always moving parts.

But there is a big difference between unmanaged risk and understood risk. There is a big difference between hoping for the best and preparing properly.

Why the investment model matters

That is also why I believe it is important to compare investment models honestly. A standard buy-to-let can work well, but it often depends on one property, one tenant, ongoing maintenance, vacancies, municipal increases, and future capital growth. Student accommodation and short-term letting can also work, but they usually require more active management, more moving parts, and more operational tolerance. Our model is different. It is more structured, more deliberate, and designed around predetermined returns, real asset backing, and a defined exit strategy.

For me, that is the real discipline of investing. Not simply asking what return you can make, but asking what can go wrong and whether you are properly positioned when it does and that you have selected a team who is prepared to work it out for you.

99

RESIDENTIAL

At Wealth Assist, we do not pretend risk does not exist. We believe in understanding it, reducing it, and structuring around it.

Because in the end, peace of mind in property does not come from hype or bravado.

It comes from doing the hard work upfront, so that when the market tests the deal, the deal still makes sense.

100

REI MAGAZINE APRIL 2026

101

102

REI MAGAZINE APRIL 2026

TECHNOLOGY

103

104

REI MAGAZINE APRIL 2026

105

106

REI MAGAZINE APRIL 2026

107

INVESTING

Multi-Lets: Turning one multiple income streams

By Jaco Grobbelaar

A Smart, scalable approach to cash flow property investing

108

REI MAGAZINE APRIL 2026

property into

109

INVESTING

In today’s property market, the investors who are winning are not always the ones buying the most properties. They are the ones extracting the most value from each property they own. That is exactly where the multi-let strategy comes in.

At its core, a multi-let is a property that has been intentionally configured to generate multiple rental income streams from a single title deed. While many people immediately think of room rentals, the concept is broader than that.

A multi-let can take the form of individual room rentals where tenants share certain facilities. It can also take the form of multiple smaller private living spaces within one property, where tenants have more independence and limited shared areas such as parking or a garden.

Both approaches are valid. Both can be highly profitable. And both have their place depending on the location, target market, and strategy of the investor. The key is not which model you choose. The key is how well you execute it.

Why multi-lets work

The appeal of multi-lets is simple. One property. Multiple incomes.

Instead of relying on a single tenant and a single rental payment, you create several income streams from the same asset. This can significantly increase your cash flow and improve your overall return on investment.

In many cases, the combined rental from multiple occupants exceeds what a traditional single tenant would pay for the same property. This creates a powerful opportunity to enhance yield without necessarily increasing your portfolio size.

110

REI MAGAZINE APRIL 2026

But the real strength of the strategy goes beyond numbers. It lies in meeting a very real and growing demand in the market.

Across South Africa, there is a large segment of tenants who are looking for well located, affordable accommodation that still offers quality and comfort. Young professionals, graduates, and individuals relocating for work are all part of this market.

Multi-lets, when done correctly, meet that need perfectly.

Two Models. One Strategy

There are two dominant ways investors approach multi-lets. Both work, but they serve different tenants and require different thinking.

1. Room rental model (Shared living)

High density, affordability-driven

Example : A 4-bedroom house in Observatory or Woodstock in Cape

Town rented out to young professionals or students.

How it works

• • • •

Each tenant rents a private bedroom Shared kitchen, bathroom, and living areas Utilities often included or split Higher tenant turnover, but strong demand

Why it works

• Appeals to price sensitive tenants • Maximises rental per square metre • Strong in student zones and urban nodes

Investor upside

• Higher gross yield • Consistent demand • Faster fill rates

111

INVESTING

2. Micro-Unit (Private living model)

Lower density, lifestyle-driven

Example : A converted house in Morningside, Johannesburg or

Muckleneuk, Pretoria with semi-self-contained units, each with a kitchenette and private entrance.

How it works

• • • •

Tenants get more privacy (own entrance or kitchenette) Minimal shared spaces (if any) Longer stays, more stable tenants Positioned closer to “affordable studio living”

Why it works

• Attracts young professionals and digital nomads • Tenants willing to pay more for privacy and independence • Lower management intensity

Investor upside

• Higher quality tenant profile • Lower turnover • More stable cash flow

112

REI MAGAZINE APRIL 2026

The Bottom Line

Both models can deliver strong returns. The real decision comes down to:

• Location (student hub vs lifestyle node) • Target tenant (budget vs privacy-driven) • Product strategy (volume vs quality)

You’re not just renting rooms. You’re designing a living experience people choose and pay for.

Design is everything

One of the biggest factors that determines the success of a multi-let is how the property is designed and laid out.

It is easy to assume that more rooms automatically mean more income. In reality, poor design can reduce demand, increase tenant turnover, and create management challenges.

The goal is not to maximise the number of occupants at all costs. The goal is to optimise the space. This means:

• • • •

Ensuring rooms are functional and comfortable Maintaining good flow throughout the property Providing sufficient bathrooms for the number of tenants Designing spaces that feel natural rather than forced

This is where experience becomes invaluable.

Michael Rehder from Advanced Design and Maintenance has been instrumental in refining this approach across many projects. His focus is not just on creating additional spaces, but on ensuring that those spaces work.

113

INVESTING

A well-executed conversion might involve rethinking underutilised areas such as oversized lounges or patios, and transforming them into usable rental spaces while still maintaining balance within the property.

The difference lies in the detail. A space must feel right the moment a tenant walks in.

The shift to fully furnished living

One of the most important breakthroughs in multi-let investing is understanding the role of furnishing.

In the early stages, many investors believe that providing the basics is enough. A fridge, a microwave, and a kettle may seem sufficient.

But real experience tells a different story.

• • • •

Tenants often arrive without furniture. They need beds. They need desks. They need a space that is ready to live in.

Over time, it becomes clear that the most successful multi-lets offer a complete, move in ready solution.

This typically includes:

• • • • •

A bed and quality mattress A desk and chair for work or study Curtains and soft finishes Basic kitchen items A clean, cohesive look and feel

Something as simple as a desk can determine whether a tenant chooses your property or not. These details matter more than most investors realise.

114

REI MAGAZINE APRIL 2026

PROPERTY INVESTORS EVENING

DURBAN

16 APRIL 2026

BOOK TODAY

Includes Consultation Discount Voucher

Snacks and drinks to be served

Black Tie Event

SCAN HERE TO BOOK

LINK:

https://shorturl.at/PwPTI

115

Hosted by Jaco Grobbelaar | From R595 Per Person Sharing

INVESTING

Quality over cheap

Buying the lowest priced furniture or second hand appliances may reduce upfront costs, but it often leads to higher maintenance, quicker replacements, and ongoing frustration.

Many investors have experienced this firsthand. Cheap beds fail. Second hand fridges break. Repairs become frequent. The smarter approach is to focus on value.

Invest in durable, reliable items. Build relationships with suppliers. Source quality products at the right price.

One of the most expensive lessons in this space is that cheap is rarely cost effective.

A multi-let is not just a property. It is an operating business. And like any business, the quality of your assets directly impacts your performance.

116

REI MAGAZINE APRIL 2026

Tenant Experience: Where value is created

Comfort & liveability

Lighting matters

Smart, intentional decor

Beyond layout and furniture, there is a deeper layer that separates average properties from exceptional ones.

• People choose spaces that feel good to live in • Comfort, functionality, and pride of place drive retention and referrals

• Natural light is non-negotiable where possible • Layered artificial lighting should support both work and relaxation

• Doesn’t need to be expensive, just well thought out • Keep finishes neutral and timeless • Use decor to add personality and differentiation

This allows you to keep your property relevant without constantly reinvesting in major renovations.

Common mistakes to avoid

While the multi-let strategy is powerful, it requires careful execution.

Some of the most common mistakes include:

• • • • •

Trying to fit too many tenants into one space Ignoring compliance and building regulations Attempting complex renovations without professional input Focusing only on upfront cost instead of long term value Failing to plan for scalability

Avoiding these mistakes can make the difference between a high performing asset and a problematic one.

117

INVESTING

A strategy built for growth

One of the most exciting aspects of multi-lets is that they can be replicated.

Once you understand what works, you can apply the same principles across multiple properties. This creates consistency in performance and allows you to scale your portfolio more effectively. But scaling requires planning.

Your structuring, financing, and operational systems must be designed to support growth. Without that foundation, even the best strategy becomes difficult to expand.

How multi-lets can be a game changer

Multi-lets are not just a tactic. They represent a shift in how investors think about property.

They move the focus from ownership to optimisation. From single income to multiple income streams.

From basic accommodation to intentional living spaces. Whether you choose a room rental model or a more private configuration, the opportunity remains the same.

To take one property and turn it into something far greater. When done well, a multi-let is more than an investment. It is a system. A strategy and a powerful tool for building long term wealth.

118

REI MAGAZINE APRIL 2026

119

INVESTING

Risk, return &

By Neale Petersen

120

REI MAGAZINE APRIL 2026

what can go wrong

121

INVESTING

• High returns mean nothing if you don’t understand the risk behind them

• Illiquidity and structure can destroy value faster than markets

• The best investors price downside before chasing upside

The new investor frontier

Alternative property investments are no longer niche. From private lending and structured deals to development funding and hybrid models, investors are increasingly looking beyond traditional buy-to-let to generate stronger returns.

On paper, the numbers look compelling. Double-digit returns. with structured income and access to deals previously reserved for institutions.

But here’s the truth: Higher returns don’t remove risk, they repackage it. That’s where most investors get caught.

Understanding the returns

At a surface level, alternative investments often outperform traditional property. Where a standard residential investment may yield 6% - 10%, alternative structures can offer:

122

REI MAGAZINE APRIL 2026

12% - 20%+ returns Fixed or structured income Shorter investment cycles

This is driven by:

Speed of capital deployment Higher risk tolerance Complex deal structuring Niche opportunities (bridging finance, development funding, distressed deals)

But returns don’t exist in isolation. They are always a reflection of risk, structure, and execution.

As Nick Morgan puts it: “If you don’t understand where the return is coming from, you definitely don’t understand the risk.

123

INVESTING

The reality of risk (A real scenario)

Consider a typical alternative deal: An investor funds a short-term development loan expecting a 15% return over 12 months.

On paper:

Strong location Experienced developer Clear exit via resale

But then:

Construction delays push timelines out Costs escalate beyond budget Market sentiment softens Exit takes longer than expected

Suddenly:

Returns compress Capital is locked in longer Risk increases significantly

The deal didn’t “fail”. But the original assumptions did and that’s where investors lose control.

What can go wrong

Alternative investments don’t usually collapse in obvious ways. They unravel quietly. Here’s where things typically break:

124

REI MAGAZINE APRIL 2026

1. Liquidity Risk

You can’t exit when you want to. Your capital is tied up longer than expected.

2. Execution Risk

Developers underperform. Timelines slip. Budgets blow out.

3. Counterparty Risk

The person or business you’ve backed doesn’t deliver as expected.

4. Structure Risk

Poor legal structuring leaves investors exposed when things go wrong.

5. Overestimated Returns

Projected returns assume perfect execution, which rarely happens. The biggest mistake is believing the return is guaranteed.

Risk vs Return: The Real Equation

Every investor says they understand risk. Few actually price it correctly. Because the relationship is simple: Higher return = higher risk.

But the real question is: Are you being paid enough for the risk you’re taking?

Professional investors don’t chase yield. They interrogate:

• • • • •

Downside scenarios Exit strategies Deal structure Track record Alignment of interests

They don’t ask, “What can I make?” They ask: “What can I lose and can I survive it?”

125

INVESTING

The role of Opportunity Private Capital

Platforms like Opportunity Private Capital sit at the intersection of access and discipline. They provide investors with:

• Curated alternative opportunities • Structured deals with defined frameworks • Risk-mitigated approaches through experience and due diligence

But importantly, they don’t remove risk. They help investors understand it properly. Because in this space, education is not optional. It’s protection.

Alternative property investments offer real opportunity .

Alternative investments offer a different level of thinking. This is not passive investing. It’s active, informed capital allocation. The investors who win in this space:

• • • •

Understand structure Interrogate risk Stay disciplined and Never invest blindly into “attractive returns”

Because at the end of the day: Return is what you’re promised. Risk is what you live with. The best investors make sure the two are aligned before they commit a single rand.

CONTACT US

126

REI MAGAZINE APRIL 2026

 

Ready-to-sell leads. Verified property owners. Targeted opportunities.

The Lightstone Seller Leads Report puts you in front of the right sellers – before your competitors even know they exist.

If you have a Lightstone subscription, just sign in on your phone and go.

Go to toolkit.lightstone.co.za

127

WEALTH

By Jason Lee

128

Iran War Shock: property in 2026

REI MAGAZINE APRIL 2026

What it means for SA

129

WEALTH

When missiles fly over Tehran, your home loan repayment changes. That may sound dramatic, but in property investment, the world has always been smaller than we’d like to believe and right now, it just got a whole lot smaller.

On 28 February 2026, US and Israeli forces launched nearly 900 strikes in twelve hours against Iran’s military infrastructure and leadership. Supreme Leader Ali Khamenei was killed in the process. Iran retaliated with hundreds of drones and ballistic missiles across the region.

The Strait of Hormuz, through which roughly 20% of the world’s oil supply flows daily became the most dangerous stretch of water on earth. And somewhere in Johannesburg, Cape Town, and Durban, South African property investors started feeling the tremors, whether they knew it yet or not.

This is not a geopolitical commentary. Leave that to the diplomats. This is a frank conversation about what the war in Iran means for your bond, your investment portfolio, and your next property decision.

The fuel price domino

The South African property market is exquisitely sensitive to the cost of living. And the cost of living is exquisitely sensitive to the fuel price. South Africa imports the overwhelming bulk of its crude oil, meaning

global oil prices and the rand-dollar exchange rate function as a kind of invisible hand on every South African household’s monthly budget.

130

REI MAGAZINE APRIL 2026

Brent crude jumped more than 25% in the days following the initial strikes, briefly touching approximately $119 per barrel. That is not a blip. That is a structural shock. Independent economist Elize Kruger has warned that the April 2026 fuel price increases will likely be the largest ever implemented in a single month in South Africa and that this will, in her words, “derail the fragile economic recovery envisaged for the country in 2026.”

Higher petrol means higher transport costs. Higher transport costs mean more expensive food. More expensive food means less disposable income. Less disposable income means fewer buyers can qualify for home loans and the buyers who can qualify start asking whether now the right time is really to stretch.

That chain of events is not theoretical. It is already in motion.

131

WEALTH

What happens to interest rates now?

South Africa entered 2026 riding a wave of cautious optimism. The prime lending rate had fallen to 10.25%, the lowest since the COVID-19 pandemic following six consecutive cuts from the South African Reserve Bank beginning in late 2024.

For property investors, these were extraordinary conditions. For first-time buyers who had been locked out of the market during the brutal hiking cycle, this felt like a long-awaited window opening. That window is now at risk of slamming shut.

Before the war erupted, Standard Bank, Africa’s largest bank by assets had forecast three interest rate cuts for 2026. CEO Sim Tshabalala revised that to two, citing oil and gas price pressures. Morgan Stanley has warned of a prolonged pause in the rate-cutting cycle.

Investec’s chief economist Annabel Bishop has identified a severe downside scenario where persistently high inflation could push the repo rate above 12%, almost double where we were heading before February 28.

The rand, which had been trading near R15.87 to the dollar, weakened to and beyond as geopolitical risk pushed global investors into safe-haven assets, namely, the US dollar and gold. Every time the rand weakens, the price of imported oil rises further in local terms, compounding the inflationary pressure in a vicious cycle that property economists know all too well.

132

REI MAGAZINE APRIL 2026

The Property Market: Pockets of resilience, pockets of risk

Here’s the nuance that separates the informed investor from the panicked one: the South African property market is not a monolith. FNB’s Property Barometer, authored by senior economist Koketso Mano, entered 2026 constructive on the housing market, anticipating that lower living and borrowing costs would sustain demand across price segments. That thesis has not collapsed, but it has become considerably more conditional.

At the luxury end of the market, where cash buyers and semigration patterns dominate, the direct impact of a rate hold is softer. High-networth individuals transacting in the Atlantic Seaboard, the Winelands, and Sandton’s northern suburbs are less sensitive to a twenty-five-basis point swing in the prime rate. For these buyers, the more relevant risk is sentiment and the mood music coming out of global markets is not particularly cheerful.

For the middle market, the R1.5 million to R3.5 million segment where bond finance is the backbone — the equation is more delicate. These buyers came into 2026 energised by falling rates and improved affordability. Any delay in further cuts, or worse, a reversal, will cool their enthusiasm measurably.

Transaction volumes, which had been showing healthy year-on-year growth, could stall in the second and third quarters. The first-time buyer market is where the risk is most acute. These are households that budget to the rand. A R3 to R7 per litre increase at the petrol station, flowing through to grocery bills and school transport, directly erodes the deposit savings and monthly surplus that banks use to qualify buyers.

It is not melodramatic to say that a sustained period of elevated fuel costs could remove tens of thousands of prospective first-time buyers from the market entirely.

133

WEALTH

The silver lining

There is, however, a counterweight. Gold. South Africa is one of the world’s most significant gold producers, and gold is performing its ancient role magnificently right now, rising sharply as the world scrambles for safety.

Sasol, exposed to global energy prices, surged 16% on the Friday the war began. These are not trivial windfalls. A stronger gold price bolsters foreign reserves, supports government revenue, and provides a partial macroeconomic buffer against the oil price shock.

There is also the Cape of Good Hope dimension. With shipping companies rerouting global trade away from the Strait of Hormuz and the Red Sea, South African ports - Durban, Cape Town, and Ngqura are experiencing a significant uptick in maritime traffic.

That is infrastructure revenue, job creation, and economic activity that would not otherwise have arrived on our shores. For logistics-adjacent industrial property, this is a quiet opportunity that sophisticated investors should be eyeing carefully.

The Verdict: Steady hands, clear eyes

The war in Iran has not broken the South African property market. What it has done is introduce meaningful uncertainty into a recovery that was, until recently, building genuine momentum.

If the conflict is short-lived and oil markets normalise in the coming months, South Africa’s property market will likely absorb the shock and continue its recovery trajectory into 2027 and 2028, as FNB projects.

134

REI MAGAZINE APRIL 2026

If the conflict persists, if the Strait of Hormuz remains contested and energy prices stay elevated, we face a more challenging environment characterised by delayed rate cuts, rand weakness, higher consumer inflation, and squeezed buyer affordability.

The investor’s response to this uncertainty is not paralysis. It is precision. This is the moment to focus on fundamentals: buy well-located assets in areas with strong rental demand, at prices that make sense at today’s rates, not yesterday’s optimism. Diversify across geographies and price points. Do not over-leverage in an environment where the rate trajectory has become uncertain.

The market will always have a Middle East, a Ukraine, a COVID. The investors who build real wealth in South African property are those who understand that geopolitical shocks are not the exception, they are the terrain. Learn to navigate them, and the long game still wins.

135

Events

136

REIS 2026: Resetting of Real Estate

REI MAGAZINE APRIL 2026

the future

137

EVENTS

Private Property Real Estate Industry Summit 2026 | Sponsored by Absa | CTICC, Cape Town

Private Property hosted the 2026 Real Estate Industry Summit (REIS 2026), at the Cape Town International Convention Centre recently, bringing together some of the sharpest minds in property, finance and technology to tackle one central question: What will define the next decade of real estate?

The answer was clear: this is no longer a cyclical market, it’s a structural reset.

Across macroeconomics, technology, demographics and global comparisons, the message was consistent, those who adapt win, those who don’t fall behind.

From there, the conference moved fast into opportunity and strategy. Felix Bravo, Managing Director of eXp International, framed Africa’s real estate runway in global terms, pointing to cross-border referrals and a continent-scale growth story that many agents still underestimate. That “global reach from Cape Point” narrative ran through the programme and it landed. The underlying message was simple: the future agent isn’t local-only. The future agent is globally connected.

John Loos: A market stabilising under pressure

Loos set the tone with a grounded view of South Africa’s housing market. The recovery is real, but fragile.

While nominal house price growth has improved, this is not a boom. It’s a cyclical bounce in a low-growth economy, with real (inflationadjusted) performance still largely flat over the past decade.

138

REI MAGAZINE APRIL 2026

REIS 2026

139

EVENTS

The biggest external threat? Oil price shocks. Loos highlighted how global energy volatility feeds directly into:

• Inflation • Interest rates • Household affordability

These, in turn, shape housing demand. Locally, the story is increasingly fragmented:

• The Western Cape continues to outperform, driven by governance, infrastructure and skilled migration

• Gauteng remains critical, with early signs of a potential turnaround

• Opportunity is shifting to micro-markets, infrastructure-led nodes and affordability segments

140

REI MAGAZINE APRIL 2026

REIS 2026

Importantly, Loos reframed the affordability debate: It’s not house prices, it’s the cost of living. Rising electricity, municipal and lifestyle costs are placing real pressure on buyers.

His long-term view? Property performance will ultimately be driven by reform, infrastructure delivery and public-private collaboration, not interest rate cycles alone.

Nigel Mangwanda: Disruption is not coming, it’s here

Mangwanda delivered one of the most forward-looking sessions of the summit. His message was blunt: The future of real estate will not be built by doing more of the same.

• Drawing on global case studies, Mangwanda made a clear distinction: • Innovation = incremental improvement • Disruption = making old models obsolete

Real estate is now entering a platform-driven era shaped by:

• PropTech • FinTech • AI and data

The shift is fundamental:

• From assets to experiences • From transactions to ecosystems

141

EVENTS

He challenged the industry to rethink how value is created, offering practical frameworks:

• Solve the opposite problem (inversion thinking) • Remove friction and amplify what customers value • Design around the customer journey, not internal processes

Perhaps the most important shift: Agents are no longer intermediaries,

they are experience architects. Those who embrace this evolution will build deeper trust, stronger relationships and more sustainable businesses.

Musa Kalenga: AI without the hype

Kalenga cut through the noise on artificial intelligence with a practical, no-nonsense approach.

AI is no longer experimental. It’s infrastructure. But the real value is not in the technology itself, it’s in what it unlocks:

• • • •

Time Efficiency Better decision-making Improved customer experience

Kalenga framed the industry’s response to AI in three common reactions:

• Fight • Flight • Freeze

None of which create value.

142

REI MAGAZINE APRIL 2026

REIS 2026

The winning approach? Forge - build new ways of working.

He broke AI down into real-world applications across the value chain:

Front office:

Lead generation Customer engagement Listing optimisation

Middle office:

Risk analysis Document processing Portfolio decision-making

Back office:

Admin automation Maintenance workflows Operational efficiency

143

EVENTS

The key insight: AI won’t replace professionals, it will amplify those who use it well.

And the biggest competitive advantage? Time. Time to think, engage, negotiate and build relationships, the real drivers of value in property.

Theo Mseka: The grass is not always greener on the other side

Mseka delivered one of the most talked-about sessions of the summit. Having relocated to Berlin after leading platforms across 18 markets, Mseka brought a global lens and a contrarian message:

South Africa’s property market is more competitive than most people think. His argument challenged a common narrative, that opportunities abroad are inherently better. They’re not.

•

Using real-world property comparisons: • A €170,000 apartment in Berlin buys just 45m² • The same value in South Africa can secure significantly more space and land

He also highlighted:

• • • •

South Africa’s young population (median age 28) Strong long-term demand drivers Increasing foreign buyer interest In contrast, ageing populations in Europe present structural challenges.

On technology, Mseka reinforced a critical point: AI will not replace agents. But it will change how they operate. Most innovation today is happening behind the scenes.

144

REI MAGAZINE APRIL 2026

REIS 2026

• Valuations • Fraud detection • Tenant screening

But transactions still close through human connection. His advice: Become an AI-augmented advisor, not just a transaction facilitator.

The Bigger Picture: A market in transition

REIS 2026 made one thing clear: The real estate industry is entering a new phase defined by:

• • • •

Structural economic shifts Rapid technological change Demographic momentum Rising complexity

This is not about surviving the cycle. It’s about repositioning for the future.

Final Takeaway

The message from the summit was sharp:

• The macro environment is uncertain • Technology is accelerating change • Opportunities are becoming more localised and specialised

But the upside remains significant. Those who combine data, discipline, technology and human insight will outperform.

Because in this next cycle, the winners won’t be those who wait for the market. They’ll be the ones who understand it and act early.

145

NEWSSTAND ARCHIVES

.

.

APRIL 26

MARCH 26

FEB 26

DEC 25 / JAN 26

OCT 25

SEPT 25

AUG 25

JULY 25

JUNE 25

DISCLAIMER: All rights reserved. No reproduction without permission. Opinions are authors’. Publisher doesn’t endorse/warrant adverts. Not financial advice, consult your advisor.

146

REI MAGAZINE APRIL 2026

147