Real Estate Investor Magazine
May 2026 edition: full text
Every page of the May 2026 issue as text. To see a page as it was designed, open it in the magazine.
Read it as a magazineCONTENTS
MAY 2026 #190
PUBLISHING CREDITS
EDITORS VIEWPOINT
10 - Smart property investors
12 - 13
12 - Johlene Wasserman
MASTER INVESTOR
16 - 25
28 - 41
28 - Broll Hospitality
FRONT COVER
16 - Wayne Godwin
COVER STORY
4 - Publishing & Editorial Team
ASK THE EXPERTS
Front Cover Image: Wayne Godwin - Managing Director of Broll Hospitality
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REI MAGAZINE MAY 2026
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28
AGENCY SPOTLIGHT
LEGAL
50 - Compliance Crackdown
COMMERCIAL
STUDENT ACCOMMODATION
80 - 84
INVESTOR INTELLIGENCE
88 - 99
88 - SA’s Property Hotspots
58 - 65
66 - 71
INVESTING
100 - 107
100 - Investors who Catch the Wave
110 - 115
FINANCE
110 - Casual Property Investing is Over
66 - Ofices are Changing Forever
74 - 79
74 - The Student Housing Compliance
50 -56
58 - Turing Contractor Communication
PROPERTY MANAGEMENT
RESIDENTIAL
80 - Inflation is building property wealth
42 - The Rise of the eXceptional
42 - 49
116 - 126
WEALTH
116 - South Africa’s Water Crisis
EVENTS
128 - 134
128 - Prosperity Events in Durban and Pretoria
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100
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PUBLISHING TEAM
CONTRIBUTORS
PUBLISHERS
NEALE PETERSEN
FOUNDER & EDITOR-AT-LARGE neale@rei.co.za
Sabrina Botha Gareth Zebron Khanya Gundwana
ADDRESS
10 Howard Studios, Sheldon Way, Pinelands, Cape Town, 7405
WEBSITE
Johlene Wasserman Wayne Godwin Hilton Rose
MARISA GEORGE
ACCOUNTS MANAGER marisa@rei.co.za
www.rei.co.za
Andrew Thompson JP Pretorius Jaco Grobbelaar
CONTACT US
WEBSITE SPECIALIST graham@rei.co.za
Maritza Botha Retha van Rooyen Jason Lee
JADE NICHOLSON
Gerhard van der Westhuizen Megan Jarvis Calvin Nchabeleng Paula-Ann Novotny
+27 21 761 3848
Office Whatsapp 0768147639
info@rei.co.za
GRAHAM MILLER
SUBSCRIBE
NEWSLETTERS
ADVERTISE
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
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MIXED-USE, MASTER PLANNED DEVELOPMENT LAND FOR SALE IN ZAMBIA
Lilayi City, a landmark mixed-use development in Lusaka, is open for land acquisition. Designed as a dynamic hub for industrial, commercial, residential, and lifestyle projects, Lilayi City offers prime real estate opportunities for investors and developers looking to establish themselves in one of Zambia’s most promising growth corridors.
Strategically located to be the latest development node in Lusaka, Lilayi City is set to become a key driver of economic growth. With large land parcels for light industrial use along the African North-South Railway Corridor, the project is attracting interest from a diverse range of industries.
ICD & Dry Port - Multimodal Logistics Hub
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Logistics and the North-South Corridor
Connectivity is the cornerstone of the Lilayi City value proposition. The development is uniquely positioned along the African North-South Railway Corridor, and provides a critical logistical advantage for the 66 hectares dedicated to Light Industrial and Logistics use. This sector is optimised for warehousing and international trade, serving as a vital link between regional markets. To support this industrial engine, the development features a 15km internal network of high-specification dual carriageway roads, ensuring heavy logistics and commercial traffic move seamlessly and reliably from the site to major regional trade routes.
The New Frontier of SADC Growth
As South African investors look north for portfolio diversification, Lilayi City is the premier entry point into the Zambian market. Strategically positioned within Lusaka’s high-growth southern corridor, this 410-hectare landmark development represents a sophisticated shift in regional mixed-use urban planning. Lilayi City is a meticulously master-planned hub designed to catalyse economic activity across the industrial, commercial, and residential sectors, offering South African developers a secure, high-yield alternative in one of Africa’s most stable emerging economies.
LILAYI CITY IS THE PREMIER ENTRY POINT FOR SOUTH AFRICAN CAPITAL LOOKING TO DIVERSIFY INTO THE SADC'S MOST STABLE EMERGING MARKET.
POSITIONED ON THE AFRICAN NORTH-SOUTH RAILWAY CORRIDOR, WE PROVIDE THE CRITICAL LOGISTICAL INFRASTRUCTURE FOR THE FUTURE OF REGIONAL TRADE.
Diversified Portfolios & Mixed-Use Synergy
The Masterplan provides a balanced ecosystem that mitigates investment risk through sector diversification. Beyond the industrial core, 63 hectares are dedicated to high-demand residential development, while 21 hectares are earmarked for a thriving retail and medical precinct, including clinics and specialised healthcare centres. This is complemented by 35 hectares of green space and education precincts. With integrated lifestyle and commerce, Lilayi City creates a self-sustaining catchment area, ensuring that residential demand is driven by the proximity to new employment hubs and premium educational facilities.
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The Master Plan
OUR INSTITUTIONAL-GRADE GOVERNANCE AND DEED OF ADHERENCE ENSURE YOUR INVESTMENT IS PROTECTED BY INTERNATIONAL DEVELOPMENT STANDARDS.
Institutional-Grade Governance
For the discerning investor, Lilayi City offers a regulatory environment that mirrors international best practices. The project maintains rigorous development standards through a Deed of Adherence, which ensures all construction aligns with the Masterplan’s long-term integrity. Every project is governed by guidelines from the Zambia Institute of Planners (ZIP), the Lusaka City Council (LCC) and the Zambia Environmental Management Agency (ZEMA). Furthermore, all plans must pass through the Lilayi City Design Review Committee, guaranteeing that your investment is protected by high-quality infrastructure standards.
Land Use
60m Wide Green Belt
Sustainability and the "Green City" Vision
Light Industrial & Logistics Hub
Integrated Residential Precinct
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Combined Retail & Medical Zones
Green Space, Sports & Education
REI MAGAZINE MAY 2026
In an era of ESG-conscious investing, Lilayi City sets a new benchmark for sustainable African urbanism. The development is branded as a "Green City," characterised by 35 hectares of dedicated parklands, sports fields, and recreation areas. To date, over 1,500 indigenous trees have been planted to enhance the micro-environment and provide an exceptional quality of life for residents. While increasing the aesthetic value of the commercial and residential parcels, this commitment to green infrastructure ensures long-term capital appreciation for investors who prioritise sustainable, future-proof developments.
Strategic Acquisition and Collaboration
Why Choose Lilayi City?
Lilayi City offers a transparent and frictionless entry for South African capital. The land acquisition process is designed for clarity, requiring a 30% initial payment to secure a parcel, with the 70% balance due only upon the submission of the local Property Transfer Tax (PTT). Recognising the power of syndication, the development also welcomes joint-venture partnerships, allowing two or more entities to co-purchase land. This flexibility, combined with the requirement for owners to service their own parcels to suit their specific operational needs, provides a bespoke investment vehicle for those ready to lead Lusaka’s next era of growth.
•
Excellent Progress to Date
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•
•
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Strategic location & connectivity, Lilayi City is interconnected to neighbouring suburbs within Lusaka’s high growth corridor by 15 km of dual carriageway roads. Prime Light Industrial and Logistics and Commercial land with easy access to the African North-South Railway Corridor. Dedicated land parcels for Residential, Retirement Village, Medical, Retail, and Education investments, creating a modern, integrated lifestyle. ZIP, ZEMA and LCC Development regulations ensure high-quality infrastructure. Green City planning with 35 hectares of open green space, sports fields and parkland, providing an exceptional and luxurious environment for learning and recreation.
Projects
Flagship Milling Plant & Railway Siding
Railway Logistics - Inland Container Depot
Logistics Hub & Warehousing
Lilayi Road 3 Sidewalk Progress
Warehousing & Storage
Retail Shopping Centre, Filling Station & Office Park
Specialty Hospital and Hotel (Tourism)
Food Processing Plant
Showroom / Warehouse
Partners
Lilayi Road 1 - Northwest
Disclaimer: All information, visuals, and materials provided are for illustrative purposes only and are subject to change without notice. Lilayi Development Company reserves the right to modify plans, designs, or specifications as needed to meet project requirements and investor preferences. The company also retains sole discretion to accept or decline investors based on project suitability and alignment with development goals. While every effort is made to ensure accuracy, no guarantees are provided, and reliance on these materials is at the user’s own risk. For the latest and most accurate details, please contact Lilayi Development Company directly.
TAKE A TOUR Scan to take an aerial tour of Lilayi City.
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EDITOR’S VIEWPOINT
Why smart property investors are positioning for the next wealth cycle
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased wisely and managed carefully, it is about the safest investment in the world.” Franklin D. Roosevelt
Investors who understand income, education and long-term positioning are preparing to benefit the most. In volatile markets, emotion becomes expensive. Smart investors do not chase hype, panic during uncertainty or wait endlessly for perfect conditions. They focus on fundamentals, cash flow, location and disciplined decision-making. That is why property remains one of the most powerful wealthbuilding tools available today.
South Africa’s residential property market alone is worth more than R6 trillion, yet institutional participation remains relatively small compared to global markets. That disconnect creates opportunity. The next wave of growth will not come from speculation alone, but from income-producing assets, rental housing and smarter operational strategies.
Income is the new strategy.
Globally, successful investors are shifting their focus toward resilient income streams and operational performance. In this edition, we explore why income-driven investing is becoming increasingly important in a market shaped by uncertainty and rising costs. Our cover feature with Wayne Godwin explores the rapid rise of hospitality real estate across Africa, while we also examine how technology-driven models and scalable systems are reshaping South Africa’s real estate industry.
At REI, our mission remains simple: educate, inform and empower investors to make smarter decisions in changing markets through our webinars, interviews, newsletters, investor roadshows and live events nationwide.
The market will always move in cycles. The key is positioning yourself before the next one fully arrives.
REI MAGAZINE MAY 2026 10 Founder & Editor-In-Chief
QUOTE OF THE MONTH Wealth flows to those who understand assets, income and time.
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ASK THE EXPERTS
Legal risks are rising: Why trustees must tighten oversight
JOHLENE WASSERMAN
DIRECTOR | VDM ATTORNEYS
LANDLORD QUESTION
Our Body Corporate is being asked to sign a resolution giving the Managing Agent and attorneys broad authority over debt collection and legal recovery.
I am concerned about excessive legal fees, limited trustee oversight, and potential financial risk to the Body Corporate. How should trustees manage the debtors process, legal handovers, and attorney appointments responsibly?
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EXPERT ANSWER
A Managing Agent’s debtors process is mainly administrative and includes levy reminders, statements, and arrears follow-ups. Legal recovery is a separate step that requires trustee approval before attorneys may be instructed to act on behalf of the Body Corporate.
The proposed resolution raises important governance concerns because it grants very broad authority to the Managing Agent and attorneys without sufficient trustee oversight.
This could expose the Body Corporate to excessive legal costs and long recovery timelines, with no guarantee that all costs will ultimately be recovered from the defaulting owner.
“Trustees have a fiduciary duty”
They must protect the Body Corporate’s finances and should not bypass good governance procedures, including obtaining quotations and reviewing fee structures before appointing service providers.
Trustee action steps:
• Require clear quotations and transparent legal fee structures upfront
• Ensure all legal handovers receive formal trustee approval
• Limit the Managing Agent’s authority to administrative functions and recommendations
• Maintain proper financial oversight on all legal matters
Strong governance and clear controls are essential to protecting the Body Corporate from unnecessary financial exposure.
THE BOTTOM LINE Trustees must retain financial control, legal oversight and governance accountability at every stage of the debt recovery process.
Got a Property Problem? Ask South Africa’s leading property experts.
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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.
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Simple. Secure. Significant.
REI MAGAZINE MAY 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.
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MASTER INVESTOR
By Neale Petersen
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Wayne Africa’s
From analyst hospitality
Godwin’s vision for Hospitality future
to one of Africa’s leading strategists
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MASTER INVESTOR
Few hospitality real estate professionals in Africa have built a career with the breadth, depth and continental reach of Wayne Godwin.
From starting out as an analyst at a JSE-listed hospitality REIT to ultimately becoming CEO of JLL Africa, Godwin has spent nearly two decades helping shape the hospitality investment landscape across the continent.
Today, as the newly appointed Managing Director of Cushman & Wakefield | Broll Hospitality, he is now building what could become one of Africa’s most influential hospitality real estate advisory businesses.
But unlike many executives who enter hospitality through operations or traditional commercial property, Godwin’s journey has always centred on the investment and real estate side of the sector, where strategy, capital allocation, market intelligence and long-term asset performance ultimately determine success. And in a market as complex and fragmented as Africa, that perspective matters.
A career built across every layer of Hospitality real estate
Godwin’s career path is anything but conventional. He began his journey as an Analyst at the JSE-listed Hospitality Property Fund, which at the time held a portfolio of 54 hotels.
That early exposure gave him something many advisors never fully acquire, a direct understanding of how hotel owners think, how assets perform operationally, and how hospitality investments succeed or fail over time.
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WAYNE GODWIN
“I’ve been on the owner side, the consulting side, and the leadership side,” says Godwin. “That full view is what allows me to give advice that holds up in the real world and not just in a spreadsheet.”
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MASTER INVESTOR
From there, his career expanded rapidly through some of the industry’s most respected firms, including:
• • • •
Pam Golding Tourism & Hospitality Consulting HTI Consulting Grant Thornton JLL Hotels & Hospitality Group
At each stage, Godwin developed increasingly specialised expertise across:
• • • • • • •
Hotel valuations Feasibility studies Development advisory Capital markets Operator selection Asset management Hospitality transactions
By the time he joined JLL in 2015, he had already built a strong reputation as one of Africa’s rising hospitality real estate specialists. What followed was a remarkably fast rise through the ranks.
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WAYNE GODWIN
Rising to CEO of JLL Africa
At JLL, Godwin moved far beyond a traditional hospitality advisory role. Over an 11-year period, he held several major leadership positions including:
• • •
Head of Hotels & Hospitality Group, Sub-Saharan Africa Head of East Africa (based in Nairobi) CEO of JLL Africa
As CEO, he oversaw multidisciplinary operations across:
• • • • • •
Johannesburg Cape Town Nairobi Lagos Casablanca Cairo
At the same time, he continued leading hospitality advisory assignments across more than 43 African countries. That combination of operational leadership and specialist hospitality expertise is rare in African real estate.
Importantly, his years living and working in East Africa gave him a far more grounded understanding of African markets than many global executives who manage the continent remotely.
“Africa is not one hospitality market,” says Godwin. “Each country has different dynamics, different infrastructure realities, different regulatory environments and different investor behaviour.”
That nuanced understanding has become one of his greatest competitive advantages.
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MASTER INVESTOR
Hospitality is not just another property sector
One of the themes Godwin repeatedly returns to is that hospitality should never be viewed simply as another branch of commercial property.
According to him, hospitality sits in a category of its own because it combines both real estate performance and operational execution. “Hospitality sits at the intersection of real estate and experience,” he explains. “Understanding both is essential.”
Unlike office or retail property, hotels reset every single night. Revenue depends on:
• • • • • • •
Occupancy Tourism flows Business travel Consumer behaviour Brand strength Operational quality Economic sentiment
That complexity is exactly what attracted Godwin to the sector early in his career. It is also why he believes specialist hospitality advisory has become increasingly important across Africa as institutional investors enter the market.
Why he joined Broll Hospitality
After reaching the top leadership role at JLL Africa, many industry observers may have expected Godwin to remain within a global corporate structure indefinitely.
Instead, in 2026, he made the decision to join Broll Property Group to launch and lead the new Broll Hospitality platform under the global Cushman & Wakefield affiliation.
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ANDREW WALKER For Godwin, the move was highly strategic. “This was an opportunity to build something,” he says. “Not simply manage something that already existed.”
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MASTER INVESTOR
The vision is ambitious: To create Africa’s first dedicated, full-lifecycle hospitality real estate advisory platform.
Importantly, Broll Hospitality is not a hotel operations company. Instead, it focuses on:
• • • • • • •
Hospitality investment advisory Development feasibility Capital markets Hotel valuations Asset management Operator selection Strategic transaction advisory
The platform effectively acts as the bridge between:
• • • •
Investors Developers Hotel operators Global capital providers
“A successful hotel is not just a well-designed building,” says Godwin. “It is a carefully structured partnership between investor, operator and market demand.”
Why Africa’s Hospitality story is just beginning
Godwin believes Africa’s hospitality sector is entering a significant long-term growth phase. According to industry data referenced by Broll Hospitality:
• • •
Africa’s hotel pipeline now exceeds 123,000 rooms More than 675 hotels and resorts are planned or under construction Pipeline activity is growing at double-digit rates annually
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REAL ESTATE
INVESTOR
INDEPENDENT AND PRACTICAL PROPERTY INTELLIGENCE
JOIN SOUTH AFRICA'S LEADING PROPERTY INVESTOR PLATFORM
REI.CO.ZA
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MASTER INVESTOR
However, Godwin warns against oversimplifying the opportunity. He believes Africa’s hospitality growth story requires realism, discipline and local understanding.
“Africa presents enormous hospitality opportunity, but success here requires understanding the realities of each market, not applying a global template.” He points to several key growth drivers:
• • • • • • • •
Urbanisation Infrastructure investment Growing middle-class consumption Improved airports and connectivity Mixed-use developments Branded residences Extended-stay products Expanding global hotel brands
At the same time, he stresses that not every development should be built. This balanced perspective has become a defining feature of his advisory approach.
Building institutional confidence in African Hospitality
One of the major opportunities Godwin sees is bringing greater institutional credibility and sophistication into African hospitality investment. Historically, much of Africa’s hotel development has been driven by private capital and family-owned investment groups.
Now, larger institutional investors are beginning to take hospitality far more seriously as:
• • • •
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A diversification asset An inflation hedge A long-term income strategy A placemaking catalyst
REI MAGAZINE MAY 2026
The Cushman & Wakefield partnership is central to this strategy. It gives Broll Hospitality direct access to:
• • • •
Global investors International capital networks Institutional-grade research Global hospitality transaction expertise
“Our role is helping global investors understand Africa properly,” says Godwin. “Through real intelligence, real strategy and real opportunities.”
A new chapter for African Hospitality advisory
Today, Wayne Godwin stands at a pivotal point in both his own career and Africa’s hospitality evolution.
Having worked across virtually every layer of the hospitality investment ecosystem as owner, consultant, advisor, strategist and CEO, he now brings that full-cycle perspective into building a nextgeneration advisory platform for the continent.
And as Africa’s hospitality sector becomes increasingly sophisticated, institutional and globally connected, that experience may prove more valuable than ever.
For Godwin, however, the mission remains simple: To help investors navigate Africa’s hospitality opportunity intelligently, strategically and sustainably.
Because in a sector driven by both experience and economics, understanding the market properly is everything.
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COVER FEATURE
Africa’s a theory -
By Neale Petersen
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hotel boom is no longer it’s happening
Why institutional capital is moving aggressively into hospitality and why Broll Hospitality believes Africa’s real growth cycle is only beginning.
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COVER FEATURE
Inside Broll Hospitality with Wayne Godwin
Africa’s hospitality sector is no longer operating on potential alone. It is evolving into a serious institutional real estate story.
What was once seen as a tourism-driven niche asset class has rapidly become one of the continent’s most strategic investment categories, attracting global brands, institutional capital, private equity, family offices and developers searching for long-term growth.
And according to Wayne Godwin, the biggest shift happening right now is not simply more hotels being built. It’s that investors are becoming smarter.
“The opportunity in Africa is very real,” says Godwin. “But it’s no longer about simply building a hotel and expecting demand to arrive.
Investors today need to understand the exact market, the exact location and the exact demand profile they’re targeting.”
That realism sits at the core of Broll’s overall platform, in direct correlation with it’s affiliation with Cushmand & Wakefield - that’s the game changer. Broll Hospitality is designed to bridge global capital, African market intelligence and specialist hospitality advisory into one integrated offering.
More importantly, this is not a hotel operations company. It is an investor-focused real estate advisory platform built specifically for hospitality assets across Africa.
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BROLL HOSPITALITY
Hospitality is not just about hotels
One of the biggest misconceptions in the market, says Godwin, is that hospitality is simply another version of commercial property. It isn’t.
Unlike office buildings or retail centres, hotels operate as living businesses where performance resets every single day. “Hospitality resets every night,” says Godwin.
“Every single day you need demand, occupancy, operational execution and customer experience to align.”
That complexity is exactly what makes hospitality both challenging and highly rewarding. Unlike traditional property sectors:
• • • • •
Income is operationally driven Asset performance changes daily Consumer behaviour directly impacts returns Operator quality becomes critical Tourism, infrastructure and macroeconomics matter enormously
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COVER FEATURE
“Hospitality sits at the intersection of real estate and experience. Understanding both is essential.”
That understanding is precisely where Broll Hospitality positions itself. The platform operates between the investor and the operator and ensuring projects are commercially viable before capital is deployed.
Africa’s hospitality story has changed
For years, Africa’s hotel growth narrative was often oversold.
Big pipeline numbers dominated headlines while many projects failed to materialise.
Godwin is refreshingly honest about that reality. “We probably only see around 30% of announced hotel developments actually opening,” he says. And that honesty is exactly what separates the new generation of hospitality investors from the old one.
Today, investors are no longer chasing broad continental growth stories. They are looking at:
• • • •
Specific cities Specific precincts Specific demand drivers Specific operator strategies
“It’s no longer simply ‘build it and they will come’,” says Godwin. “The market has become more sophisticated.” That sophistication is visible across the continent.
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BROLL HOSPITALITY
Africa’s hospitality pipeline now exceeds:
• • •
123,000 rooms 675 hotels and resorts Double-digit annual pipeline growth
But importantly, investors are becoming more selective and that is creating stronger, more sustainable development stories.
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COVER FEATURE
Why Broll Hospitality exists
Godwin believes the African market lacked one key thing: a dedicated hospitality advisory platform focused on the full investment lifecycle. Not brokerage. Not hotel management. But a strategic investor advisory - one that, through its affiliation with Cushman & Wakefield, has the global reach and institutional backing to release that potential to its fullest.
That includes:
• • • • • • •
Feasibility studies Hotel valuations Development advisory Capital markets Operator selection Asset management Exit strategy planning
“A successful hotel is not just a well-designed building,” says Godwin. “It’s a carefully structured partnership between investor, operator and market demand.”
“If the fundamentals don’t stack up, that’s exactly what we’ll tell clients.”
That independence matters. Because according to Godwin, too many projects across Africa were historically driven by excitement rather than disciplined feasibility.
Why global capital still needs Africa
One of the biggest strategic advantages for Broll Hospitality is its relationship with Cushman & Wakefield. This is the game-changer and massive differentiator. The affiliation gives African investors access to:
• • • • •
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Institutional-grade advisory Global hospitality intelligence International capital networks Cross-border transaction expertise Global investor confidence
REI MAGAZINE MAY 2026
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COVER FEATURE
“It’s about putting Africa onto the radar of global investors who may not yet fully understand the opportunity,” says Godwin. Most importantly, the timing may finally be right. Global investors are increasingly searching for:
• • • • •
Yield diversification Lifestyle-driven real estate Inflation-hedged assets Alternative property sectors Emerging market growth opportunities
Hospitality increasingly ticks those boxes.
The new hospitality investor
One of the biggest shifts happening across Africa is the changing profile of hospitality investors. Historically, many hotel projects were developed by:
• • • •
Family businesses Private entrepreneurs Owner-operators Local development groups
Now institutional capital is becoming more active and that is fundamentally changing the market.
“We’re seeing investors become far more realistic and disciplined,” says Godwin. Importantly, hospitality is also evolving beyond traditional hotels. New growth categories include:
• • • • • •
Branded residences Extended-stay products Lifestyle hotels Resort developments Mixed-use hospitality precincts Experiential tourism assets
Hospitality is increasingly becoming part of broader placemaking strategy.
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BROLL HOSPITALITY
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COVER FEATURE
“Hospitality is no longer just about rooms and beds. It’s becoming part of how cities position themselves competitively.”
East Africa, Morocco & Egypt lead the next wave
According to Godwin, several African regions are emerging as major hospitality growth stories.
East Africa
Countries such as Kenya in East Africa continues accelerating due to:
• • • • •
Strong regional integration Expanding business travel Infrastructure upgrades Growing tourism demand Improving airport connectivity
Godwin’s years living and working in Nairobi gave him deep firsthand exposure to the region’s evolution.
Egypt & Morocco
Meanwhile, Egypt and Morocco continue attracting major international investment through:
• • • • •
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Government support Tourism infrastructure Aggressive hotel development International airlift expansion Leisure-driven growth
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BROLL HOSPITALITY
South Africa
Despite economic pressure, South Africa remains highly relevant. “Cape Town remains one of Africa’s strongest hospitality investment stories,” says Godwin.
Nigeria: The giant many still don’t understand
Godwin believes Nigeria remains one of Africa’s biggest long-term hospitality opportunities.
“When you have an economy of that scale with so few quality hotels, the opportunity is obvious,” he explains. However, challenges remain:
• • • • •
Infrastructure bottlenecks Currency volatility Import costs Funding complexity Development execution risk
Still, the long-term demand fundamentals remain powerful. This is where experienced advisory becomes essential.
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COVER FEATURE
The biggest mistake investors make
According to Godwin, one of the most dangerous assumptions investors make is believing hospitality success is automatic. It isn’t.
Wrong operator selection, poor location choice, unrealistic feasibility assumptions and undercapitalisation continue destroying projects across the continent.
“Not every hotel development should be built,” he says bluntly. That realism is central to the Broll Hospitality philosophy. The business is not built around selling excitement. It is built around protecting investor capital.
The future of African hospitality
Looking ahead, Godwin believes Africa’s hospitality industry is still only in the early stages of its long-term growth cycle.
While global volatility, geopolitical risk and economic uncertainty remain major challenges, he believes the long-term fundamentals remain exceptionally strong. The future growth areas include:
• • • • • • •
Lifestyle hotels Lodges and safari assets Branded residences Extended-stay products Leisure resorts Mixed-use precincts Experience-led developments
But above all, success will belong to investors who understand Africa market-by-market, not through simplistic continental narratives.
“Africa is not one hospitality market. It’s dozens of unique markets and understanding that difference is where the real opportunity lies.”
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BROLL HOSPITALITY
Entering a mature era
Africa’s hospitality sector is entering a far more mature and sophisticated era. The easy narratives are fading. The smart capital is becoming more disciplined. The investors who combine long-term thinking with local intelligence are likely to emerge strongest.
For Broll Hospitality, the mission is clear: To help investors navigate one of the world’s most misunderstood, yet potentially rewarding real estate opportunities with realism, structure and institutional-grade advisory — delivered through our affiliation with Cushman & Wakefield.
Because in hospitality, the difference between success and failure is rarely luck. It is strategy.
BROLL HOSPITALITY
Wayne Godwin | Managing Director
Direct Line: +27 11 441 4000 Email: WGodwin@broll.com
Hospitality Advisory Services
• • • • • • •
Development Advisory Feasibility Studies Valuations Capital Markets Operator Selection Asset Management Investment Advisory
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AGENCY SPOTLIGHT
By Khanya Gundwana
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REI MAGAZINE MAY 2026
The Rise How eXp redefined
of the eXceptional: Realty South Africa an industry in five years
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AGENCY SPOTLIGHT
In the volatile world of South African real estate, five years can feel like a lifetime. In 2021, eXp Realty South Africa was a disruptive whisper, a startup with zero agents and a cloudbased dream. Fast forward to the second quarter of 2026, and that whisper has become a roar.
Today, eXp Realty South Africa stands as the Largest Independent Real Estate Company in Africa. Having surged from the 6,000th largest agency to the Number 3 spot and currently within striking distance of Number 2, the company’s trajectory is being studied as a masterclass in scale, grit, and cultural alignment.
From Manual Strokes to Miracles
“What we have built is nothing short of miraculous,” says Andrew Thompson, CEO and Country Leader of eXp Realty South Africa. Reflecting on the journey during the recent landmark eXpcon Cape Town 2026, Thompson attributes the success to the “manual strokes”, the relentless, daily hard work of a world-class agent team, in excess of 1,400 agents.
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eXp Realty South Africa
The milestones achieved in this half-decade are record-breaking by any standard:
• The Velocity of Success: The company is home to the fastest CAP achievement in South African history, achieved in just 19 days. • The Next Generation: Proof of their “youth-forward” appeal, eXp Realty South Africa produced the country’s youngest ICON agent at age 22. • A Culture of High Performance: In the past year alone, 110 agents reached CAP status, a testament to the platform’s ability to reward toptier production.
A Heart for the Community
Beyond the spreadsheets and sales figures, eXp Realty South Africa has anchored itself in the social fabric of South Africa. Over the past two years, the team has contributed over R2.8 Million to Laureus Sport for Good South Africa Foundation. For Thompson, this isn’t just corporate social responsibility; it’s a celebration of family and community. “We’ve stayed true to our heart,” Thompson notes, “and that makes the victories in our virtual boardroom feel even more meaningful.”
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AGENCY SPOTLIGHT
The Road to 2031: The AI Frontier
While the first five years were defined by rapid physical growth and grit, Thompson is clear that the next five will be defined by AI Significance. The company is currently pivoting its toolkit toward high-speed digital efficiencies. By integrating specialized GPTs and “Gems” (custom AI assistants), eXp aims to strip away the “manual administration” that often plagues the industry.
“The goal is simple: ensure our agents spend less time on paperwork and more time doing what they do best—closing deals and building relationships,” Thompson explains.
This shift isn’t just about technology; it’s about the experience. With a relentless focus on achieving an 80%+ Net Promoter Score (NPS), the company is refining its Standard Operating Procedures to be more functional and outcome-based than ever before. For agents who feel behind the digital curve, Thompson’s message is clear: “Let’s get ahead of it together.”
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eXp Realty South Africa
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AGENCY SPOTLIGHT
The Verdict: From Good to eXceptional
As the first quarter of 2026 closes, the momentum within eXp Realty South Africa feels unstoppable. They have successfully transitioned from a “disruptive startup” to a “national powerhouse.”
In his closing address to his team, Thompson offered a final challenge: “We have moved from good to great, now, it is time to become eXceptional.
The advancement of our people and technology is relentless. Let’s make the next five years the most rewarding ones yet.”
For the South African real estate market, one thing is certain: eXp isn’t just watching the future; they are building it.
eXp Realty South Africa: At a Glance
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LEGAL
Compliance Africa’s estate to get FICA wrong
by Neale Petersen
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Crackdown: Why South agents can no longer afford
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LEGAL
South Africa’s real estate industry is entering a new era of accountability and for estate agencies, the pressure is rising fast.
The introduction of Directive 11 of 2026 by the Financial Intelligence Centre (FIC) is more than another layer of regulation. It represents one of the most significant compliance shifts the industry has faced in years and sends a clear message to estate agencies across the country: Compliance is no longer optional, reactive or administrative. It is now operational, measurable and enforceable.
From 1 April 2026, estate agencies, classified as accountable institutions under FICA are now required to submit a comprehensive Risk and Compliance Return (RCR) to the FIC.
The process covers anti-money laundering controls, counter-terrorist financing measures, governance structures, customer due diligence and risk management systems across a three-year reporting cycle.
For many agencies, this is a wake-up call. “Compliance is no longer about ticking boxes, it’s about proving accountability.”
Why this matters
Property transactions remain one of the most vulnerable sectors for financial crime due to the high-value nature of deals and the movement of funds through multiple parties.
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Directive 11 is designed to force greater transparency, tighter reporting and stronger governance standards throughout the real estate ecosystem.
The risks of getting it wrong are substantial:
• Regulatory sanctions • Financial penalties • Increased scrutiny • Reputational damage
According to Chantelle Frier, National Sales Manager at SW360, the industry is moving from reactive compliance to proactive accountability. Agencies are now expected to demonstrate that their systems are actively working, not merely existing on paper.
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The operational challenge
For many agencies, particularly smaller firms, the reality is daunting. The directive requires:
• • • • •
Accurate multi-year data collection Consolidated branch reporting Updated compliance frameworks Alignment between policy and operational practice Full readiness on the FIC’s goAML system
This is where many agencies may struggle. “The agencies that survive this shift will be the ones that professionalise fastest.” The days of fragmented spreadsheets, manual onboarding and inconsistent compliance procedures are rapidly disappearing.
Technology is now a competitive advantage
As regulatory pressure intensifies, technology is emerging as one of the industry’s biggest enablers.
Integrated compliance platforms are helping agencies:
• Automate customer due diligence • Streamline onboarding • Create auditable compliance trails • Centralise reporting • Reduce human error and administrative burden
Solutions such as Searchworks and VOCA are increasingly being used to modernise compliance processes and provide agencies with realtime visibility into risk management and reporting requirements. In a market where regulators are demanding proof, not promises, data integrity and operational transparency are becoming critical business assets.
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LEGAL
Preparing for the deadline
With reporting deadlines looming between 30 June and 31 July 2026 depending on classification, agencies have limited time to prepare.
Industry experts recommend agencies immediately:
• Conduct internal compliance audits • Update RMCP frameworks • Train staff thoroughly • Review onboarding procedures • Implement technology-driven reporting systems
The agencies leaving compliance until the last minute may find themselves exposed operationally and financially.
A turning point for the industry
Directive 11 is not simply another compliance hurdle. It marks a structural turning point for South Africa’s real estate industry. The agencies that embrace stronger governance, smarter systems and operational accountability will not only reduce regulatory risk, they will build stronger, more trusted businesses in the process.
The industry is evolving rapidly. And in this next cycle, compliance may become one of the biggest differentiators between agencies that grow… and those that fall behind.
“The future of real estate belongs to agencies that combine trust, transparency and technology.”
difficulty of regulating schemes that sit outside the formal net.
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PROPERTY MANAGEMENT
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COMMERCIAL
Offices
By Neale Petersen
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are changing forever
Why flexibility is becoming corporate real estate’s biggest competitive advantage
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COMMERCIAL
Corporate real estate is undergoing one of the biggest strategic shifts in decades.
The era of static office portfolios, oversized headquarters and longterm lease commitments is fading fast. In its place, a more agile, datadriven and demand-led model is emerging, one built around flexibility, efficiency and workforce mobility.
For CRE leaders, flexibility is no longer simply an operational consideration. It has become a financial strategy, a talent strategy and increasingly, a competitive advantage.
“The future office is no longer one building. It’s a connected network.” According to IWG’s latest 2026: The View from the C-Suite research, organisations embracing flexible workspace models are reducing costs, improving productivity and positioning themselves to respond faster to economic and workforce shifts.
From fixed space to flexible networks
Traditional real estate models often left companies trapped in expensive, underutilised space with limited ability to adapt.
Today’s leading organisations are taking a different approach, combining central headquarters with regional flexible offices, coworking hubs and ondemand workspace solutions closer to where employees live.
This “Work from an Office” model is reshaping portfolio strategy by allowing businesses to:
• • • •
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Reduce vacancy and underutilisation risk Convert fixed property costs into variable spend Align office space with real-time business demand Scale portfolios faster across regions and markets
REI MAGAZINE MAY 2026
The result is a far more responsive real estate strategy in an increasingly uncertain business environment. “Corporate real estate is shifting from ownership thinking to access thinking.”
Hybrid work is now a business strategy
2026 is rapidly becoming the year of platform working. More than 80% of CEOs now support multi-location working models, balancing home, headquarters and local flexible workspaces. But this shift is about far more than employee convenience.
The commercial impact is becoming impossible to ignore:
• Shorter commutes improve wellbeing and productivity • Flexible locations widen access to talent pools • Hybrid models improve retention and employee engagement • Businesses gain greater operational agility
IWG research shows companies integrating flexible workspace solutions into their portfolios can reduce real estate costs by as much as 55% while improving workforce satisfaction and productivity simultaneously.
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COMMERCIAL
The new ROI of real estate
This is no longer simply about reducing office costs. It is about reallocating capital more intelligently.
By reducing long-term lease exposure and optimising space utilisation, businesses are freeing up capital for growth, technology investment, AI integration and operational expansion.
Research indicates flexible work arrangements can:
• Increase productivity by up to 11% • Lower attrition risk • Improve workforce engagement and wellbeing
For CRE leaders, the conversation has fundamentally changed. The most valuable office portfolios are no longer the biggest. They are the most adaptable.
The bottom line
Flexibility is no longer optional in corporate real estate, it is strategic infrastructure.
The companies winning this next cycle are building agile workspace ecosystems that move with their workforce, adapt to market conditions and optimise capital deployment in real time.
The office market has not disappeared. It has evolved.
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Student Accommodation Management Services
Looking for a reliable partner to simplify student accommodation management? My Student House has you covered!
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FOR MORE INFO
landlords@mystudenthouse.co.za
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GET STARTED TODAY
MY STUDENT HOUSE
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STUDENT ACCOMMODATION
The
By Retha van Rooyen
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Student housing compliance wake-up call
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STUDENT ACCOMMODATION
The Inspection That Changed Everything
A few years ago, one of our landlords hosted an accreditation inspection. They were confident they’d ace it — they’d painted the walls, tidied the yard, and rehearsed what to say.
But when the officers began asking students questions, a different story emerged. Claims about working geysers and functioning stoves turned out to be untrue. Even worse, the geysers had been installed in the wrong places — against regulations — and several small, easily fixable issues were missed entirely.
When the report came back, they didn’t get the A grade they expected. They received a C. That one letter difference cost them R200,000 in income that first year alone.
It was a painful lesson — but also a powerful one. Because compliance isn’t about looking ready on inspection day — it’s about being ready every day.
At that moment, it became clear to me: Accreditation isn’t about red tape — it’s about responsibility. It’s the language of trust between universities, bursary officers, landlords, and students.
Why Accreditation Matters
Accreditation isn’t a hurdle — it’s a handshake. It’s a promise that we all — universities, landlords, and housing operators — are on the same side of one simple goal: to keep students safe, supported, and set up for success.
When accreditation works well, everyone wins:
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• Universities can confidently refer students to compliant housing. • Bursary officers can release funds knowing accommodation meets welfare standards. • Landlords attract more reliable tenants and steady income. • Students live with dignity, not fear.
The challenge is that the process often feels overwhelming — endless forms, inspections, and requirements that change yearly.
That’s where My Student House comes in — helping landlords move from confusion to clarity, from anxiety to assurance.
How We Simplify the Process
Accreditation doesn’t have to be chaotic. Here’s how we make it simple, structured, and stress-free for everyone involved:
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STUDENT ACCOMMODATION
We Start with a Gap Assessment
1. We Guide You Through Every Document 2. We Train Your Team 3. We Liaise Directly with Universities and NSFAS 4. We Maintain Compliance Year-Round
Lessons We’ve Learned Years in this sector have taught us a few important truths about compliance:
• Accreditation isn’t paperwork — it’s protection. It’s how we safeguard lives, reputations, and futures. • Small oversights cause big losses. A missing certificate or a misplaced geyser can cost hundreds of thousands. • Universities don’t want to fail landlords. They want reliable partners who care about getting it right. • Compliance builds credibility. The most successful landlords are those who treat standards as part of their business strategy. • It’s always cheaper to do it right the first time. Every shortcut eventually costs more in penalties or lost income.
Advice for Landlords and Bursary Officers
1. Start early. Don’t wait for deadlines — prepare months in advance.
2. Keep a compliance file. Store certificates, reports, and safety records in one easy-to-access place.
3. Communicate openly. If something isn’t ready, be transparent — honesty builds trust.
4. View standards as allies, not enemies. They protect your students and your investment.
5. Partner with experienced operators. Accreditation is smoother when someone who’s done it before walks beside you.
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The Bigger Picture
Compliance can feel intimidating, but it’s really about care. It’s how we show that students’ safety matters more than shortcuts — and that landlords’ investments deserve to grow on a solid foundation.
When everyone plays their part — universities, bursary offices, landlords, and managers — we don’t just create compliant buildings. We create peace of mind.
At My Student House, compliance isn’t chaos — it’s calm. It’s how we earn trust, protect students, and build the kind of housing ecosystem South Africa can be proud of.
Because doing things right isn’t the slow way — it’s the sustainable way.
Let’s Simplify Accreditation, Together
If you’re a landlord preparing for accreditation, or a bursary officer seeking reliable housing partners — we’d love to help. Let’s make compliance a partnership, not a pain.
Contact us
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RESIDENTIAL
by Jason Lee
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Why inflation property
is building wealth
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RESIDENTIAL
When the news breaks that the Consumer Price Index has ticked up again, ordinary South Africans wince. They feel it at the petrol station, at the grocery store, and in their utility bills. Their instinct is to tighten the belt, hold on to cash, and wait for things to settle down.
Experienced Property investors, on the other hand, quietly smile. This is not because property investors are indifferent to economic hardship — it is because they understand something fundamental about how inflation works, and how bricks and mortar sit squarely on the right side of it. Once you grasp this principle, your entire outlook on property investment changes. You stop seeing inflation as a threat and start seeing it for what it really is: a powerful, silent partner working on your behalf every single day.
The Money in Your Pocket Is Losing Value — But Your Property Is Not
Here is the simplest way to understand the inflation hedge argument. Suppose you have R500,000 sitting in a bank account earning a modest interest rate. If inflation is running at, say, 5% per year, the real purchasing power of that money is shrinking. In ten years, that R500,000 will buy you significantly less than it does today.
Now suppose instead that you used that R500,000 as a deposit to acquire a property worth R2,000,000. Inflation does not erode that asset. In fact, it does the opposite — it drives the replacement cost of that property higher year after year. The bricks, the labour, the materials, the land — all of these become more expensive to reproduce as inflation rises. And because the cost of replacing your property keeps climbing, so does its market value. Your asset inflates along with everything else. Your cash in the bank does not.
This is the first and most important reason why property is a genuine inflation hedge: it is a real, tangible asset whose value tends to move with — and often ahead of — inflation over time.
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Inflation
Your Debt Gets Cheaper While Your Asset Gets More Expensive
Here is where it gets even more interesting, and this is the part that separates serious property investors from those who are merely dabbling.
When you finance a property with a bond, you are locking in a debt expressed in today’s rands. But inflation steadily erodes the real value of that debt. In other words, the R2,000,000 you borrowed today will feel like a far smaller obligation in ten- or fifteen-years’ time, simply because the rand will buy less by then. Your debt burden shrinks in real terms while your asset value grows. That is an extraordinary dynamic that no other common investment class offers you with the same combination of leverage and tangibility.
Think about that for a moment. The bank lends you money in today’s currency. You repay it in tomorrow’s cheaper currency. Inflation is essentially subsidising your mortgage repayments over time.
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Rental Income Rises With the Cost of Living
The third pillar of the inflation hedge argument is rental income. As the cost of living rises, so does the cost of renting a home. Landlords who stay informed about market conditions and review their rentals annually — as they should — find that their income stream naturally adjusts upward with inflation. Meanwhile, their bond repayment remains relatively fixed (subject to interest rate movements). Over time, that gap between your bond repayment and your rental income widens in your favour.
This is what experienced property investors call the rental yield compounding effect. Your income grows. Your debt shrinks in real terms. Your asset appreciates. All three forces are working simultaneously, and inflation is the engine driving all of them.
South Africa Makes This Even More Compelling
In the South African context, the inflation hedge argument is particularly powerful. Our economy has historically experienced higher inflation than many developed markets, which means the forces described above operate more aggressively here.
Add to this the structural undersupply of quality housing in most South African metropolitan areas, a growing middle class seeking rental accommodation, and the rand’s relative weakness which makes South African property an attractive proposition for foreign buyers — and you have a market with multiple inflation-driven tailwinds.
The Bottom Line
Inflation rewards owners and punishes savers. It rewards those who hold real assets and penalises those who hold paper currency. Property, purchased wisely and managed well, sits at the very heart of this equation.
The wealthy have understood this for generations. They do not run from inflation — they use it. And now, so can you.
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Your Story Matters.
INVESTOR OF THE YEAR 2026
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INVESTOR INTELLIGENCE
By Neale Petersen
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SA’s Property Where Smart
Hotspots: Money Is Moving Now
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INVESTOR INTELLIGENCE
From coastal lifestyle nodes to Gauteng value suburbs, investors are following affordability, infrastructure and income.
South Africa’s property market is no longer moving as one neat national cycle. It is fragmenting into highly specific pockets of demand where affordability, lifestyle, infrastructure, schools, transport access and rental yield are driving buyer decisions.
The result is a new map of opportunity. Some areas are booming because buyers want lifestyle. Others are gaining because they offer value. Some are rising because of infrastructure investment, while others are attracting investors chasing income, short-term rental demand or future capital growth.
WESTERN CAPE:
Lifestyle, scarcity and infrastructure lead. The Western Cape remains South Africa’s strongest property story, but the opportunity is no longer limited to Cape Town’s prime suburbs.
Stellenbosch is seeing powerful demand through developments such as Newinbosch Neighbourhood Estate, where 786 units worth more than R1.67 billion have sold since launch. Almost 90% of the first three phases have been sold, with apartment prices from R1.7 million and full-title homes from R4.385 million. Buyers are attracted by sustainability, lower running costs, renewable energy, walkability and long-term value.
Velddrif is emerging as one of the West Coast’s most attractive earlyentry coastal markets. Apartments range from R1.35 million to R1.65 million, entry-level houses from R1.85 million to R2.5 million, and plots from about R795,000. Its affordability, marina lifestyle, fishing-village feel and future infrastructure, including the planned Carinus Bridge, are drawing retirees, investors, holiday buyers and younger families.
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PROPERTY HOTSPOTS
Malmesbury is also gaining traction through De Zwartland Werf and De Zwartland Manor, where retirement apartments are priced from R1.95 million to R2.1 million. The attraction is clear: country lifestyle, medical access, retail convenience and improved N7 connectivity to Cape Town.
Plettenberg Bay remains the Garden Route’s luxury performer. Sales reached R2.8 billion in 2025 across 682 transactions, with average prices rising to about R4.7 million and high-end sales reaching R36 million. Estates, waterfront homes and short-term rentals continue to drive demand.
Somerset West is also strengthening through lifestyle estates such as Valverde, with homes from R4.795 million and strong appeal from buyers seeking security, views and access to Stellenbosch, Hermanus and Cape Town
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GAUTENG:
Value is back in play Gauteng is becoming attractive again because prices have stayed relatively flat while the Western Cape has surged.
In Johannesburg, average prices have hovered around R1.3 million since 2019, creating a strong value gap compared with the Western Cape average of around R1.9 million. Buyers can still find entry-level homes from R450,000 to R600,000, while properties below R1.21 million remain transfer-duty free.
Joburg West suburbs such as Witpoortjie, Kloofendal, Helderkruin, Wilro Park and Roodekrans are active in the R1 million to R1.75 million range, with rentals above R15,000 moving well.
Joburg North-West areas including Strubens Valley, Wilgeheuwel, Radiokop, Allen’s Nek and Honeydew offer homes from around R800,000 to R2.8 million.
Soweto remains one of the best entry-level markets, with Protea Glen from R680,000 to R750,000, Chiawelo from R650,000 to R850,000, and Pimville from R900,000 to R1.5 million.
Melrose is showing investor appetite through Iconic Melrose, where 70% of phase-one apartments received offers within the first week. Prices start at R1.259 million, with projected blended gross yields of 11.1% and selected units reaching up to 12.1%.
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If you have a Lightstone subscription, just sign in on your phone and go.
Go to toolkit.lightstone.co.za
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INVESTOR INTELLIGENCE
PRETORIA:
Established suburbs and family value
Pretoria and Tshwane continue to offer strong affordability and lifestyle balance.
Centurion suburbs such as Die Hoewes, The Reeds and Heuweloord offer sectional titles from around R600,000. Rooihuiskraal starts from about R1.5 million, Doringkloof from R1.75 million and Eldoraigne from R2 million.
In Pretoria East, luxury homes remain more affordable than Cape equivalents, with high-end transactions reaching R12 million in Lynnwood, R10.9 million in Mooikloof Equestrian Estate and R17 million in Woodhill Golf Estate.
Brooklyn and Waterkloof are future-proof nodes thanks to diplomatic demand, schools, infrastructure and densification. Sectional title prices average around R1.4 million, making these areas attractive to younger professionals and lifestyle buyers. Paul Stevens of Just Property says future-proof suburbs share strong infrastructure, access to opportunity, community resilience and ongoing development.
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PROPERTY HOTSPOTS
KWAZULU-NATAL:
North Coast and Upper Highway surge
KZN is showing renewed momentum in lifestyle-led markets. Ballito and the North Coast remain standout growth corridors, supported by private-sector investment, schools, retail, airport access and lifestyle demand. The Tinley precinct is gaining attention through the R2.2 billion Club Med development, which is expected to lift tourism, residential demand and infrastructure investment.
Sienna Lalela in Sheffield Beach saw 40% of apartments sold on launch day. Prices range from R825,000 to R2.195 million, with projected yields of up to 10.1%.
Upper Highway is another major KZN performer. Sales rose 24% over two years, from 850 units in 2023 to 1,096 in 2025. Waterfall, Assagay and Gillitts offer entry-level homes from R1.3 million to R2.5 million, while Hillcrest, Kloof and Forest Hills attract family buyers from R2 million to R5 million. Luxury sales in Summerveld and Everton are now reaching from R12 million to R25 million.
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EASTERN CAPE:
Value lifestyle markets
The Eastern Cape’s strongest future-proof story is Lorraine in Gqeberha, where retail, medical and residential growth are supporting demand. Sectional title units average around R850,000, while freehold homes average around R1.6 million. This makes Lorraine attractive for families seeking space, greenery and affordability.
Coastal lifestyle towns around the province also remain attractive for retirement, holiday homes and remote-work buyers seeking better value than the Western Cape.
FREE STATE AND NORTHERN CAPE:
Affordability and catch-up growth
These provinces are smaller markets, but they are showing improving loan activity. BetterBond data recently pointed to strong home loan growth in the Free State and Northern Cape, reflecting affordability and renewed buyer participation.
Key areas to watch include Bloemfontein, where family homes and student accommodation remain core demand drivers, and Kimberley, where limited stock and steady public-sector demand support pricing.
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INVESTOR INTELLIGENCE
NORTH WEST:
Mining-linked demand
North West is benefiting from stronger mining activity and platinum group metal prices. This is supporting incomes and bond activity in areas such as Rustenburg, Potchefstroom and Klerksdorp.
Rustenburg remains linked to mining employment, while Potchefstroom benefits from student accommodation demand and family buyers.
MPUMALANGA:
Lifestyle and economic nodes
Mpumalanga demand remains concentrated around Nelspruit/ Mbombela, White River, Middelburg and Witbank/eMalahleni. These areas benefit from logistics, mining, agriculture, tourism and access to the Lowveld lifestyle economy.
Mbombela and White River appeal to lifestyle and family buyers, while Witbank and Middelburg remain rental-driven investor markets.
LIMPOPO:
Urban growth and affordability
In Limpopo, Polokwane remains the key property engine, driven by government, education, retail, logistics and regional trade. Demand is strongest in secure estates, family homes and sectional title stock close to schools and amenities.
Mining-linked towns and agricultural nodes continue to support rental demand where employment is stable.
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PROPERTY HOTSPOTS
The Property winners
South Africa’s next property winners will not be chosen by province alone. They will be chosen by fundamentals: infrastructure, affordability, income potential, security, schools, lifestyle, rental demand and future development.
The smart money is moving into areas where people want to live, work, retire, study or travel and where the numbers still make sense.
In this market, the real hotspot is not always the most expensive suburb. It is the suburb with momentum.
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Page 100
Open page 100 in the magazine →INVESTING
The investors
By Jaco Grobbelaar
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Page 101
Open page 101 in the magazine →who catch the wave
Why timing, courage and positioning
create opportunity.
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Open page 102 in the magazine →INVESTING
I’m writing this from Jeffreys Bay, a place that has been part of my life for as long as I can remember.
As a little boy, I came here on holiday with my family. Back then, I was not surfing. I was boogie boarding, getting thrown around by waves that felt far bigger than they probably were. I can still remember the feeling of being caught inside, tumbling under the water, and then popping up again, laughing. Even then, something about the ocean grabbed me. The rhythm of the waves. The smell of the salt in the air. The quiet that seems to settle over everything.
Years later, I started learning to surf.
And I will be honest, it did not come naturally. Living in Johannesburg means I only get to surf a few times a year. Every time I come back to the ocean, it feels like I am starting again. The paddling burns your shoulders. The timing feels off. Getting up on the board takes effort. There were many sessions where I missed wave after wave, wiped out more times than I can count, or just sat there wondering if I would ever really get it right.
But somewhere along the way, something shifted.
Surfing became more than just a sport. It became a place where I find peace. A place where everything slows down. The noise of business, meetings, decisions, and pressure fades into the background. There is something powerful about sitting on your board, looking out over the horizon, waiting. Especially early in the morning or late in the afternoon when the sky lights up with colours that no boardroom or office can compete with. And in those quiet moments, I started realising something. The ocean teaches you.
And many of those lessons apply directly to business and property investment.
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Page 103
Open page 103 in the magazine →1. You Cannot Learn From The Shore
You can watch videos. You can study technique. You can talk about surfing for hours. But until you get into the water, you are not learning to surf.
Property and business work the same way. You can attend seminars, read books, listen to podcasts, and gather as much information as possible. All of that is valuable. But at some point, you need to step in. You need to make your first investment. You need to start the business. You need to sign the deal. You need to feel it.
Too many people stay on the shoreline of opportunity, waiting until they feel completely ready. The truth is that you will never feel completely ready. Clarity comes from action.
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Open page 104 in the magazine →INVESTING
2. The Right Coach Changes Everything
For a long time, I tried to figure out surfing on my own. Progress was slow. Then I got help from someone who understood the ocean, and everything started changing. My positioning improved. My confidence grew. I began catching waves I would have missed before. The difference was not talent. It was guidance.
In business and property, this principle is even more important. The right mentor or advisor can save you years of frustration. They can help you structure correctly, avoid expensive mistakes, and move forward with confidence. They see things you cannot yet see.
I often think about how many people try to build wealth on their own, when the shortcut is simply to learn from someone who has already done it.
You can do it alone. But you do not have to. More stable cash flow
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Page 105
Open page 105 in the magazine →3. Waves Come in Sets — So Do Opportunities
When you sit in the water long enough, you start to notice a pattern. There are quiet moments where nothing seems to happen. Then suddenly, a set of waves rolls through. One after the other. If you are in the right position and paying attention, you can catch them. If you are distracted or out of position, you miss them.
Property markets behave in a very similar way. There are seasons where opportunities are everywhere. Good deals, motivated sellers, favourable conditions. Then there are quieter seasons where things slow down and people begin to doubt. The mistake many investors make is that they become impatient during the quiet times and hesitant during the opportunity-rich times.
The key is simple. Stay ready. Because when the set comes, it comes quickly.
4. Timing Is Everything
In surfing, you cannot force a wave. If you paddle too early, you lose momentum. If you paddle too late, the wave passes you. You need to read the moment, trust your instinct, and commit fully.
Business and property are no different. There is a rhythm to markets. There are cycles of growth, consolidation, and correction. You do not need to predict everything perfectly, but you do need to understand that timing plays a role.
I have seen investors wait too long and miss opportunities. I have also seen people rush in without preparation and struggle. The balance is in preparation and decisive action. When the opportunity presents itself, you move.
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5. You Have To Put In The Hours
This lesson has been personal for me. Because I do not surf often, I feel the gap every time I return to the water. Improvement only comes from time spent in the ocean. There is no shortcut.
The same applies to business and property. Understanding structuring, finance, tenant management, deal analysis, and growth strategies takes time. It takes repetition. It takes learning from real situations.
People often see success and assume it happened quickly. What they do not see are the years of effort behind it. The early mornings. The late nights. The mistakes. The lessons. Those who are willing to put in the hours are the ones who build something meaningful.
6. You Will Wipe Out – And That’s Okay
Every surfer falls. You wipe out. You get pulled under. You swallow water. Then you climb back onto your board and paddle out again.
Business and property are no different. Deals fall apart. Tenants default. Renovations go over budget. Markets shift.
These moments are not signs that you should stop. They are part of the process. The difference between those who succeed and those who do not is simple. The ones who succeed get back up faster.
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Open page 108 in the magazine →INVESTING
7. Respect The Ocean – Respect The Market
The ocean is beautiful, but it demands respect. If you underestimate it, it will humble you very quickly.
The same is true in business and property. Leverage, debt, and growth can create incredible wealth, but they need to be handled with care. Proper structuring, strong cash flow, and disciplined decision making are not optional. They are essential.
Confidence helps you move forward. Humility keeps you protected.
8. Find Joy in the Process
This is the lesson that has probably meant the most to me. Surfing is not only about catching the perfect wave. It is about the entire experience. The stillness of the ocean. The quiet moments between waves. The connection to something bigger than yourself.
Business and property should be the same. Yes, we are building wealth. Yes, we are creating financial freedom. But if you do not enjoy the process, you miss something important.
Because the journey shapes you. It builds your character. It teaches you patience. It stretches your thinking. And in the end, that is where the real value lies.
As I sit here in Jeffreys Bay, watching the waves roll in, I am reminded that both surfing and property require patience, courage, and consistency.
You do not control the ocean. You do not control the market.
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Open page 109 in the magazine →But you do control how you prepare. You do control how you respond.
And you do control whether you choose to step in.
For me, the choice is simple. I will always paddle out.
-Jaco Grobbelaar
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Open page 110 in the magazine →FINANCE
The era investing
By Gerhard vd Westhuizen
110
Why regulation, compliance and control now matter more than
REI MAGAZINE MAY 2026
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operational ever.
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Open page 112 in the magazine →FINANCE
Flying solo is a very risky strategy in this modern world, where strict laws primarily protect consumers before real estate owners. Compliance requirements that are prescriptive under FIC, and the fact that any person who is providing any real estate service must adhere to the regulatory environment that is governed by the PPRA.
Any prospecting investor should consider carefully which road to take when planning to build wealth through a real estate portfolio. If any of the above references do not sound familiar, you should know that they have real legal consequences and financial penalties when breached, includes jail time for any investor who is seen by law as a service provider in real estate.
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Open page 113 in the magazine →Warning To All Real Estate Portfolio Builders
If a property owner with multiple rental properties is renting them out internally “in the normal course of business,” they fall under the definition of a Property Practitioner in South Africa and must register with the Property Practitioners Regulatory Authority (PPRA) and hold a valid Fidelity Fund Certificate (FFC).
Owners can apply formally for exemption if they believe their activities don’t constitute property practice. Or the owner appoints a registered estate agent or rental manager to handle all leasing, marketing, and management, then the agent is the Property Practitioner, not the owner. Be sure which role you want to be as an investor.
A better modern-day strategy
The collaboration with multiple stakeholders to assist in setting up for such a compliance-driven business environment is not optional any longer. These government agencies will eat you up for breakfast if you do not adhere to these laws. No insurance company will protect your liability risks for honest mistakes when the law is broken in the first place.
How does this team look
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Open page 114 in the magazine →FINANCE
Any real estate investment business should have a consumer focus with compliance processes that form the backbone of product delivery. Understand what has changed in recent years. The law has made owners with multiple properties a service provider of rental housing to consumers, and therefore, the individuals and businesses must be regulated as per the relevant laws.
Most people are convinced that property investment is the answer, and I agree that this is correct.
The reality today is that you need to start a business in property, and this is something totally different in today’s regulatory environment.
I have the privilege to deal with successful individuals, some who are my clients and others I only act for as an advisor and seldom sell them investment opportunities.
Without exception, the ones who made their money through property took on the responsibility of running a business in Real Estate. They became skilled in managing people, and they all collaborate with a vast network of service providers without whom it is impossible to achieve success.
The one common denominator all professional real estate investors have is that they never relinquish daily control of the management of the Investment business. Execution of operational aspects can be delegated, but management can never be delegated. When they do reach that point, management must be delegated; they change the type of investment they do.
Now, if you are one of those people who need to delegate every functional aspect, we offer end-to-end real estate investment services
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Page 115
Open page 115 in the magazine →If you are interested to invest in these end-to-end real estate investment opportunities, book a one-on-one session with the planners at Wealth Assist
BOOK NOW
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Open page 116 in the magazine →South Africa’s demands action
WEALTH
By Megan Jarvis, Calvin Nchabeleng, Paula-Ann
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Open page 117 in the magazine →water crisis
Novotny
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Open page 118 in the magazine →WEALTH
South Africa faces growing water stress driven by climate change, ageing infrastructure, wasteful losses, pollution, and institutional fragility.
These pressures present deep social, economic and environmental challenges that impact communities, industry and long-term development. This article outlines ten project models offering realistic, scalable solutions for municipalities, provinces, and private sector developers.
Each model requires careful planning, a clear legal structure and strong regulatory compliance.
1. Captive water projects
Captive water projects involve the extraction, treatment and use of water by a private entity, independent of municipal supply systems. These are typically implemented by mines, industrial parks or agricultural operations located in remote areas.
The private entity may develop the infrastructure itself or partner with a third party. While these projects offer greater control over supply and quality, they are capital-intensive and are subject to strict regulatory and permitting requirements relating to water use, treatment and contamination-prevention.
Environmental risks, particularly around over-abstraction or community impact, must be carefully managed.
2. Desalination projects
Desalination offers a technological solution to water scarcity in coastal regions. These projects remove salts and other impurities from seawater or brackish sources to produce potable or industrial-grade water.
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Open page 119 in the magazine →Depending on the scale, they can serve municipal or industrial clients. However, desalination is energy-intensive and requires thoughtful brine disposal planning to minimise environmental impact.
Regulatory compliance, especially around marine protection, is essential. These projects are expensive to implement and operate, and must be designed for long-term sustainability and cost-efficiency.
3. Public-Private Partnerships (PPPs)
PPPs provide a framework for government-private collaboration in financing, developing, operating and maintaining water infrastructure and services. Typical projects include wastewater treatment plants, bulk pipelines, or reuse systems, with roles defined according to each party’s capacity and expertise.
The public sector generally sets service requirements and performance standards, while the private sector contributes capital, innovation and technical skills. Success depends on a clear legal structure outlining roles, liabilities and risk allocation. Effective procurement processes and public oversight are essential to build trust and ensure accountability.
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4. Water User Associations (WUAs)
WUAs are cooperatives formed by water users under the National Water Act to manage shared water resources and infrastructure.
These models promote local ownership, improved governance, and coordinated use of shared resources. Success depends on sound financial and organisational systems, mechanisms for dispute resolution, and sustained government support during the early phases. Compliance with water and environmental laws is essential, especially where resources span numerous jurisdictions.
5. Industrial 4R projects
Industrial 4R projects focus on reduction, reuse, reclamation and recycling for non-potable purposes such as cooling, processing or irrigation. These closed-loop or zero-discharge systems can significantly reduce industrial demand on municipal or surface water sources.
While they offer long-term sustainability benefits, they carry high installation and operational costs. Compliance with regulatory and permitting obligations is critical, particularly in water discharge or reuse. Public perception and stakeholder engagement must be considered when reused water poses health or safety concerns.
6. Decentralised water systems
Decentralised systems offer localised water treatment and supply solutions in areas not served by reliable municipal systems. These may include rainwater harvesting, boreholes, and/or small-scale treatment facilities tailored to specific communities or housing developments.
These systems offer greater resilience and are often more adaptable to local conditions. However, they require significant up-front investment and must meet applicable health and water quality standards.
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Open page 122 in the magazine →WEALTH
Maintenance and operational oversight can be challenging, particularly in underserved areas where technical skills and resources may be limited. While effective at a small scale, scaling up to serve larger populations can be complex.
7. Independent water providers
Independent providers supply water to areas not adequately served by public utilities. These may include private companies delivering bottled water or operating piped supply systems in informal settlements or periurban areas.
These providers play a crucial role in bridging service delivery gaps. However, their operations must be appropriately regulated to ensure fair pricing, sustainability and quality control. Licensing is often required, and tariffs must be set at levels that balance affordability for consumers with financial viability for operators.
Over-extraction and environmental degradation are also risks that must be effectively managed through regulatory oversight.
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Open page 123 in the magazine →8. Off-grid water treatment units
Off-grid treatment units are modular or mobile systems that purify water at the point of use. These systems often use technologies such as ultraviolet light, ozone treatment, reverse osmosis, or solar-powered desalination.
They are useful in emergency situations, disaster recovery efforts, or remote locations without reliable infrastructure. While they offer flexibility and rapid deployment, these units can be costly to procure and maintain.
They are often dependent on consistent energy supply and require trained operators. In most cases, they are best suited for smaller communities or short-term interventions rather than long-term, largescale water supply.
9. Water-energy projects
Water-energy projects combine water treatment with renewable energy generation, creating a more integrated and sustainable system. Examples include biogas production from wastewater treatment or solar-powered water purification plants.
These projects support the circular economy and improve environmental outcomes. However, they are typically complex and expensive to implement.
Success depends on robust technical design, reliable funding and the seamless integration of water and energy regulations, where coordination across government departments and regulators is key. Project teams must be equipped to manage both systems, and appropriate contracting arrangements must be put in place.
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10.Groundwater banking and managed aquifer recharge
This model involves actively storing excess water in underground aquifers during wet periods and abstracting it during dry seasons.
Managed aquifer recharge helps stabilise groundwater levels and enhances drought resilience. Projects should begin with thorough hydrological assessments and require ongoing monitoring. Environmental and community engagement is essential, especially where multiple users rely on the same aquifer.
Regulatory authorisations are also required to ensure compliance with water use and environmental legislation. With proper planning and governance, groundwater banking presents a viable long-term strategy for water security.
Regardless of the model selected, several legal and regulatory issues apply across all projects. All water initiatives must comply with national and local legislation from a licensing and statutory compliance perspective, which requires a clear regulatory roadmap to be produced for each project.
From an institutional perspective, a clear legal structure is also critical for defining roles, responsibilities and liabilities among all stakeholders, whether public or private.
Risk allocation is another core consideration, particularly for publicprivate partnerships. Delays, cost overruns, performance failures and environmental risks must be equitably addressed in project contracts. Financing models must be carefully structured, whether based on equity, debt, development finance or public funding.
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Open page 125 in the magazine →Projects should also embed strong environmental, social and governance (ESG) principles. This includes conducting environmental and social impact assessments, engaging affected communities and stakeholders, and ensuring equitable access to water resources while securing the sustainable use of water.
With South Africa’s water crisis expected to intensify by 2030, there is increasing demand for innovation and private sector leadership alongside public investment.
The eMalahleni Water Reclamation Plant demonstrates the transformative potential of these models. Since 2007, the facility has treated mine-affected water for municipal and industrial users, while also producing valuable by-products such as gypsum.
Despite its success, projects of this nature remain limited, largely due to regulatory hurdles, funding constraints and data gaps. However, recent developments indicate a growing willingness to address these barriers.
The establishment of the National Water Resources Infrastructure Agency, signed into law by President Ramaphosa in August 2024, is a significant step towards improving sector coordination and unlocking funding for critical infrastructure. It also signals a shift toward more inclusive and collaborative water governance.
By helping to design and implement viable delivery models, stakeholders can drive sustainable and equitable water outcomes. As South Africa navigates ageing infrastructure, deepening water scarcity and regulatory complexity, well-structured projects can not only meet urgent needs, but also deliver long-term value, social upliftment and environmental resilience.
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Open page 126 in the magazine →WEALTH
Water scarcity in South Africa is no longer a distant risk, it is an urgent national challenge. The ten project models outlined above provide a framework of legal, financial and operational solutions for improving access, reducing losses and enhancing resilience. While each model carries its own risks, regulatory requirements and cost profile, they collectively offer a robust toolkit for sustainable water planning.
For practical guidance and detailed recommendations on implementing water infrastructure projects, download our full Water Infrastructure Options and Solutions Guide here.
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CAPTIVE CAPTIVE WATER WATER CAPTIVE WATER 02 PROJECTS PROJECTS PROJECTS
GROUNDWATER GROUNDWATER GROUNDWATER BANKING BANKING BANKING & MANAGED & MANAGED AQUIFER & MANAGED AQUIFER AQUIFER RECHARGE RECHARGE RECHARGE
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DESALINATION DESALINATION DESALINATION PROJECTS PROJECTS PROJECTS
WATER WATER WATER INFRASTRUCTURE INFRASTRUCTURE INFRASTRUCTURE PROJECTS PROJECTS PROJECTS OPTIONS OPTIONS OPTIONS AND AND AND SOLUTIONS SOLUTIONS SOLUTIONS
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OFF-GRID OFF-GRID WATER WATER OFF-GRID WATER TREATMENT TREATMENT TREATMENT UNITS UNITS UNITS
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PUBLIC-PRIVATE PUBLIC-PRIVATE PUBLIC-PRIVATE PARTNERSHIPS PARTNERSHIPS PARTNERSHIPS
WATER-ENERGY WATER-ENERGY WATER-ENERGY PROJECTS PROJECTS PROJECTS
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WUA WUA WUA ESTABLISHMENT ESTABLISHMENT ESTABLISHMENT
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INDEPENDENT INDEPENDENT INDEPENDENT WATER WATER PROVIDERS PROVIDERS WATER PROVIDERS
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INDUSTRIAL INDUSTRIAL INDUSTRIAL 4R PROJECTS 4R PROJECTS 4R PROJECTS
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WATER WATER SYSTEMS SYSTEMS WATER SYSTEMS
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Open page 128 in the magazine →Events
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Investors shift execution at Durban and
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Open page 129 in the magazine →from learning to Prosperity Events in Pretoria
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Open page 130 in the magazine →EVENTS
The property investment conversation in South Africa is changing and at the recent Prosperity Enterprises Property Investors Evenings in Durban and Pretoria, the focus moved decisively from theory to execution.
Hosted by Jaco Grobbelaar and Prosperity Enterprises, the events brought together investors, financiers, analysts and property professionals for two high-level evenings focused on building scalable, resilient property portfolios in today’s market.
The message throughout both evenings was clear: Property investing is no longer about owning one or two properties. It is about building systems, structures and scalable portfolios.
Speakers unpacked practical insights around funding, data, legal protection, structuring, student housing and strategic growth. Neale Petersen from Real Estate Investor Magazine opened the sessions with The Investor Advantage: 8 Power Moves, highlighting the importance of independent thinking, disciplined risk management and decisive action in uncertain markets.
Esteani Marx from Lightstone Property reinforced the growing role of analytics and data-driven decision-making, while representatives from ABSA unpacked smarter approaches to funding, cash flow management and long-term banking capacity.
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Open page 131 in the magazine →REVOLUTIONISING PROPERTY MANAGEMENT WITH SMART TECHOLOGY
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Open page 132 in the magazine →EVENTS
Other highlights included:
• • • • •
smart leverage and 100% finance structuring strategies legal protection and contract fundamentals student accommodation investment opportunities strategic renovation and value-add techniques scaling property portfolios through better operational systems
The Durban event, hosted as a sold-out black-tie evening, stood out for the calibre of attendees and quality of engagement in the room.
These were not passive audiences. They were investors actively:
• • • •
Acquiring properties Refinancing portfolios Building teams Scaling businesses
The Pretoria event continued the momentum with additional focus on property inspections, hidden investment risks and operational execution.
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Open page 133 in the magazine →PROSPERITY EVENT
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Open page 134 in the magazine →EVENTS
Across both cities, one theme consistently emerged: “Some investors learn. Others execute.”
As South Africa’s property market continues evolving, the Prosperity Enterprises roadshows are positioning themselves as practical platforms for investors looking to move beyond inspiration and into action.
The 2026 Property Investors Evening series will continue rolling out nationally, bringing together serious investors focused on growth, strategy and long-term wealth creation.
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DISCLAIMER: All rights reserved. No reproduction without permission. Opinions are authors’. Publisher doesn’t endorse/warrant adverts. Not financial advice, consult your advisor.
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