June 23, 2004

True empowerment in the residential property sector is still rare, says Dr Vincent Msibi, chairman of Engel & Volkers Western Cape.

Msibi, who was instrumental in securing the first black-empowerment deal in the residential property sector by spearheading Moshebi Investments' share acquisition in Engel & Volkers Western Cape earlier this year, says that since completing the deal, five of the organisation's 13 stores have opened.

"Through our international Engel & Volkers training academy, we are training aspiring black professionals to succeed at the top end of the residential property market," he said.

Msibi claimed that the group's commitment towards true empowerment remains in sharp contrast to the empowerment deals that have since been announced by other property organisations.

"Several property organisations are simply trying to boost their empowerment credentials by 'offloading' smaller, less lucrative and often rural areas to empowerment partners," he said.

"This does not represent true empowerment as these transactions rarely affect the top end of the residential property market, which, especially in the Cape market, represents one of the fastest growing property investment areas in the world," said Msibi.

Engel & Volkers is affiliated to Christies Great Estates, a division of Christies Auctioneers, based in New York.