9,000 council-owned rental properties go on sale in Cape Town
The properties include free-standing and semi-detached houses in areas across the city, including Gugulethu, Valhalla Park, Mitchells Plain, Heideveld and Nyanga.
CAPE TOWN - The City of Cape Town on Tuesday said approximately 9,000 council-owned rental properties were going on sale.
They include free-standing and semi-detached houses in areas across the city, including Gugulethu, Valhalla Park, Mitchells Plain, Heideveld and Nyanga.
Over the last five years, the city has sold more than 5,000 of the roughly 14, 500 units identified as saleable in 2013.
“The rental sales programme, which is managed by the city’s public housing department, is very exciting because it affords qualifying tenants, who are some of our most vulnerable residents, the opportunity to be empowered as property owners.
“The long-term benefits of tenants becoming property owners include having the security of owning their own property and not being limited by a lease agreement between a tenant and a landlord,” said the city’s mayoral committee member for human settlements Malusi Booi in a statement.
He said the property would also become a financial asset when ownership was transferred to the new owner.
"It can thus be sold by the new owner to earn a profit, which can be used to purchase another property, if they so desire. Also, a house can be added to a property owner’s estate so that it can be included in their wills to secure their homes for their loved ones in future,” said Booi.