Balwin battles through tough housing market

Balwin Properties, a property development company in South Africa, is facing challenges in a tough housing market. In an interview with CNBC Africa, Steve Brookes, Chief Executive Officer of Balwin Properties, discussed the impact of high interest rates and joblessness on the company's operations. Despite the challenging environment, Brookes emphasized the resilience of the Balwin brand, which has been in existence for 27 years. He highlighted the company's initiatives such as Balwin green mortgages and special incentives to support consumers during this difficult period. Brookes acknowledged the difficulty in acquiring customers and maintaining customer satisfaction, noting the importance of referral programs and prompt issue resolution. The economic downturn has posed obstacles to top-line growth, with Brookes drawing parallels to previous tough economic cycles in 1998 and 2008. However, he expressed optimism for the future and emphasized the company's commitment to delivering quality projects to customers. Balwin Properties handed over 834 apartments during the period, down from 1,360, but continues to pursue new projects and explore opportunities for growth, particularly in Nelspruit. Brookes also discussed the prosperous real estate market in the Western Cape, attributing its success to strong leadership, efficient infrastructure, and favorable economic conditions. While acknowledging the Western Cape's achievements, he emphasized the significance of revitalizing Gauteng and improving infrastructure in major cities like Pretoria and Johannesburg. Brookes called for collective efforts to support government initiatives and contribute to national development. Looking ahead to the 2024 national elections, Brookes expressed confidence in South Africa's resilience and potential for growth. He highlighted the importance of innovation, particularly in promoting green bonds and sustainable practices in the real estate sector. Brookes underscored the company's commitment to reducing mortgage rates and enhancing energy efficiency in residential properties. In conclusion, Brookes emphasized the need for collaboration and proactive engagement to address challenges and drive positive change in the country.