Factors Influencing Successful Completion of Property Development Projects in Gqeberha, South African

Abstract

Property development plays a major role in the Gross Domestic Product (GDP) of global economies worldwide and, changes in the supply and demand values of property impacts on the performance of the property market. Therefore, property development and real estate can be considers as one of the largest suppliers of employment. However, most property development entrepreneurs lack the project management skills that are necessary for managing projects successfully. The aim of this study, therefore, was to investigated the factors influencing the successful completion of property development projects in Gqeberha, South Africa. This study intends to assist project managers/stakeholders with measures to identify and mitigate the effects of factors influencing the successful completion of property development projects. Moreover, this study also wishes to contribute the South African Property Development Body of Knowledge. In this study, the related literature was reviewed and the empirical study was conducted using a quantitative statistical approach. Research questionnaires were distributed to 100 individuals who were randomly selected due to their availability and willingness to participate in the study. A descriptive survey was conducted among professionals in the property industry that consisted of project managers and property development practitioners as well as clients and contractors respectively. The sample population was limited to the Built Environment Professionals registered with the South African Council for Project and Construction Management Professions (SACPCMP) and the Association of South African Quantity Surveyors (ASAQS) as well as Stakeholders in the property development industry in Gqeberha. The findings suggested that the variables researched in this study (namely technological, environmental regulation as well as project management factors) have a significant influence on how property development projects are ran by property managers. Therefore, this may cause delays and/or disruptions that have an influence on how successful the property development project gets completed.