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Property News - 25 February 2016

FROM THE EDITOR

This week it is all about the Budget Speech. The Minister of Finance delivered the R1.46 trillion consolidated government expenditure speech on Wednesday 24th. The general consensus is that it is a balanced Budget and one South Africans can get behind. Although not everyone was convinced that the 2016 budget will strengthen the economic position of South Africa and the rand weakened immediately after Gordhan’s budget was published.

Tax relief across all but the top income brackets will be well received by the majority of South Africans, but some disappointments for the residential property market include:

  • The increase in Capital Gains Tax
  • The increase in Transfer Duty on luxury properties costing more than R10m
  • The increase in the fuel levy
  • The introduction of a new tax on tyres
  • Higher levies on various commodities are bound to increase food costs further at a time when they are already high due to the drought, and when many households are battling to deal with higher interest rates on existing debts.

Enjoy!
The editor

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In the News this week


Budget comment Chas Everitt

Budget comment Chas Everitt
Most economists and other expert commentators seem pleased with today’s Budget, and so they should be, says Berry Everitt, MD of the Chas Everitt International property group, because it represents a remarkable balancing act...
Budget comment Chas Everitt

Budget comment Lew Geffen Sotheby’s

Budget comment Lew Geffen Sotheby’s
According to Lew Geffen, Chairman of Lew Geffen Sotheby’s International Realty, Minister Gordhan delivered the 2016 budget from a very tight spot wedged between a rock and a hard place, and under the circumstances did a decent job with the little he had to work with...
Budget comment Lew Geffen Sotheby’s

Budget comment BetterLife

Budget comment BetterLife
The priority today for Finance Minister Pravin Gordhan was to do everything possible to avoid SA’s credit ratings being downgraded to junk status – and this Budget was certainly an admirable attempt to do just that, says Shaun Rademeyer, CEO of BetterLife Home Loans, SA’s biggest mortgage originator...
Budget comment BetterLife

Budget comment Pam Golding Property

Budget comment Pam Golding Property
While transfer duty on property sales above R10 million is to be raised from 11% to 13%, which in essence represents a form of wealth tax, coupled with an increase in capital gains tax, the National Budget delivered today (24 February 2016), was an inclusive budget which clearly focused on restoring confidence in South Africa’s economy both locally and abroad
Budget comment Pam Golding Property

Budget comment RealNet

Budget comment RealNet
What was especially notable about today’s Budget, says Jan Davel, MD of the RealNet property group, was the apparent willingness of Government – in the person of Finance Minister Pravin Gordhan – to openly admit to the economic problems that are currently facing SA...
Budget comment RealNet

All you need to know about occupational rent

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Many first-time buyers don’t understand the difference between taking possession of their new property and taking occupation – or the provisions in a sale agreement for the payment of occupational rent.
All you need to know about occupational rent

Applying for a bond - the hows and how nots of tackling this daunting task

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Buying a home is one of life’s major events and there are few experiences quite as exciting as acquiring a space to call your very own...
Applying for a bond - the hows and how nots of tackling this daunting task
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Higher price bracket rentals in demand in CT

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While a recent Tenant Profile Network report (December 2015) mentions that the rental bracket above R25 000 in South Africa is a difficult market to be in, in the sense that only 55% (one in two tenants) in this price segment pay rent on time, Cathy Cockroft of IHPC estate agents says that, with IHPC being a German based company with strong connections to the European community in CT and abroad, her experience of this market in Cape Town is very different...
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