Absa Estate Agents Graduate

October 21- The first half of the group of 400 black estate agent trainees graduated this week, providing a boost for the South African property industry.

The initiative to train these estate agents was driven by Absa, in collaboration with the National Housing Finance Corporation, the French Development Agency and the Estate Agency Affairs Board.

"The project matches Absa's transformational agenda in that it directly empowers and equips black South Africans, while also adding value to the communities in which we operate," noted the Managing Director of Absa Home Loans, Luthando Vutula.

"As the leading mortgage financier in South Africa, we continue to lead by example," he said.

The new agents will be set up in offices as trainees at mortgage originators and estate agencies in the Gauteng area.

Absa is being cautiously optimistic about the future of the South African property market which continues to show year on year growth, especially in the affordable housing segment of the market.

"Contrary to general perception the Affordable Housing portfolio is performing well relative to the other segments within the Absa Home Loans stable," said Vutula.

"In order to tap into the township market, Absa Home Loans has designed a secondary market strategy wherein we address specific issues to unlock the market potential such as valuation methodology and specific secondary market proposition, thereby allowing home owners to access home loan finance to improve and renovate their homes," he said.

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10/21/2009 8:52:48 AM