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Reacting to the Budget today, Lew Geffen, chairman of Sotheby's
International Realty in SA, said it did not contain much to encourage
the
real estate industry, but that in the current climate "I suppose
no news is
good news".
On the macro front, he noted, the massive allocation to Eskom and
substantially increased spending on the police and education had been
on his
wish list as they would boost consumer confidence.
Looking at the detail of the Budget, he said the news that incentives
for
"green" development and conservation were on the way was welcome,
as was the
promise to review incentives for employers that provided housing for
their
low income earners.
"Overall, however, this Budget is not going to change the fact
that the real
estate market is in for a very tough time this year. I can only hope
that
Finance Minister Trevor Manuel is right and that inflation will come
down by
the end of the year and allow the Reserve Bank to start dropping interest
rates."
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Newsletter:
12 March to 19 March 2010 - Vaal Triangle, South Africa
