Brown calls for fair municipal rates and local investment to fuel growth as SAPOA marks 60 years.

Steven Brown, Chief Executive Officer of Fortress Real Estate Investments, was announced as President of the South African Property Owners Association (SAPOA) on 1 October 2026. The announcement was made at SAPOA’s 60th anniversary annual convention at Sun City, following Brown’s year as President Elect.

Brown succeeds Itumeleng Mothibeli, Managing Director of Vukile Property Fund, and takes the helm of an association that represents an estimated 90% of South Africa’s commercial and industrial property companies. SAPOA has 593 member property companies and works to advance their interests across the sector.

“Property has been around for thousands of years, and in a hundred years’ time there will still be property for us to invest in. Humans are still a physical species, and we need a space to exist,” said Brown. “So, to anyone worried about the future or about AI: relax. You have chosen an industry that has been around forever and will be around forever. But that doesn’t happen by accident. Advocacy and industry bodies such as SAPOA ensure that property keeps its investability as an asset class.”

A sharper focus on municipalities and infrastructure

Brown’s presidency begins as SAPOA steps up its engagement with municipalities on budgets, tariffs, rates policies, revenue collection and expenditure management. The need is pressing: according to the Auditor-General, only 39 of South Africa’s 257 municipalities achieved clean audits in the 2024/2025 financial year.

Through its municipal rates project, SAPOA has worked to quantify the impact of municipal rates and taxes on property values. The association plans to use this technical analysis to contribute to government’s white paper on municipal and local government reform.

SAPOA has already shown it will act when municipal charges overstep the law. When the City of Cape Town introduced levies and fixed charges linked to property values, SAPOA argued they functioned as a disguised property tax that bypassed the Municipal Property Rates Act and contravened Section 74 of the Municipal Systems Act. The city subsequently repealed the decision.

“Our assets can’t move. If they are well built, the foundations are stuck to the soil, and we can’t just uplift them and take them elsewhere. We are part of the country, and we are here to stay,” said Brown. “Unjustified rates and taxes, and the increases, amount to a stealthy expropriation. A fairness element needs to come into the way municipalities treat property, and I think that will stimulate growth.”

Brown takes office ahead of the 4 November local government elections, which the industry sees as a key test of the political will to tackle municipal failures.

Backing local investment

Brown also called on government to prioritise local direct investment over foreign direct investment, pointing to the capital South African property companies have invested abroad.

“As an industry, certainly in the listed space, we probably have R150 to R200 billion invested offshore collectively. I believe we have the capital locally,” said Brown. “We have one of the best financial markets in the world in terms of plumbing: wonderful equity markets, outstanding banks and a debt capital market. We just need local governments to really step up, and it will be like rocket fuel for growth. Until foreigners see the local industry investing heavily in South African property, looking for foreign investment will be a futile effort.”

In his outgoing address at the convention, Mothibeli called on property owners and practitioners to take a seat at the table in shaping the country’s economic and infrastructure future. “We cannot afford to sit on the sidelines anymore. We need to be involved, and SAPOA is the best vehicle and voice from which to do so,” he said. He also noted the sector’s resilience despite an uncertain environment, with construction, capital raising, asset trading and infrastructure investment all remaining active.

Brown echoed this, saying, “In the last couple of years, we’ve seen a real resurgence in the South African property market, with a recovery even in office, as well as logistics and retail. As an industry we are in a good space, and SAPOA has been at the centre of making sure there’s stability.”

“People often ask how they can help. Get involved: join SAPOA’s committees, pay your membership fees and encourage others to join,” said Brown. “When we engage with regulators and local government, we should do so respectfully, but we must also call out incompetence and corruption and hold them to account when plans aren’t approved, occupancy certificates are delayed or there’s a town planning problem.”

Alongside its policy and municipal advocacy, SAPOA continues to invest in developing the next generation of property professionals. The SAPOA Bursary Fund, which was established in 2009, has awarded 213 bursaries worth R86 million, including 72 bursaries in 2026 alone.

In closing, Brown announced the new SAPOA Board, comprising Johann Kriek (SAPOA President-elect), Executive Director and Chief Executive Officer of Resilient REIT; Itumeleng Mothibeli (Immediate Past President), Managing Director for Southern Africa at Vukile Property Fund Ltd; Neil Gopal, Chief Executive Officer of SAPOA; Laila Razack, Chief Financial Officer of Equites Property Fund Ltd; Nomzamo Radebe, Chief Operating Officer of Sun International; Andrew König, Chief Executive Officer of Redefine Properties; Sakina Nosarka, Chief Executive Officer of Old Mutual Property; and Quintin Michael Rossi, Chief Executive Officer of Spear REIT Ltd.