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Weekly Property News
Friday, 16 April, 2010 |
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FROM THE EDITOR |
Dear Reader
Why do we have laws? Why are they important? I’m sure
these are questions that you’ve asked yourself since
childhood. You may want to add one more question now that
you are older, why do we have laws even in the property industry?
And the answer because it acts as a guideline to what is right
and what is wrong in society. Just as anywhere else without
laws in the property industry there will be chaos even if
we don’t often agree with a specific law. The good thing
is that laws changes with time. Laws are constantly being
amended as and when needed;
- In the name of love
- Get your lease right
- Written authority necessary in property deals
Market news: South Africa was plunged into recession
by the global financial crisis, which in turn, affected the
property market. Despite the effects of the economic turmoil
round the world, South Africa's banking sector has remained
stable. The nation remains the African continent's financial
hub. South Africa's close trading ties with Europe gives the
nation the opportunity to serve as a manufacturing and export
hub for both European and Asian markets. South Africa's first
home buyers market remains difficult to break into but while
residential prices have fallen sharply in South Africa in
recent years, there are signs that the residential market
has hit its bottom and, indeed, some improvement in prices
is now taking place. South Africa Real Estate Report
Q2 2010 - New Market Report Published.
Headlines: Chris Drummond well known Cape Town property
developer also known for his informative property podcasts
on iAfrica.com was found dead on Tuesday in the street outside
an office park in Claremont. CCTV footage shows him plummeting
five storeys to his death, the Cape Argus reports. Those close
to Drummond believe that he was killed in a "robbery
gone wrong". Dr David Klatzow, a forensic expert, has
been hired to help the police in their investigation. Our
sympathy to the Drummond family.
Enjoy!
The editor
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CyberProp
Property Count: 16/04/2010 |
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Local
News |
| Property
proves it's investment worth |
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No one wants to talk about property and the dismal
performance the market experienced in 2009. So
while lessons were learnt and homeowners had to
radically tighten their belts and curb spending
to survive the recession, the good news is that
the worst is behind us and our feet are firmly
planted on the road to recovery...
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| Overview
on SA property market |
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The South African property market is slowly gaining
traction and provided lending institutions loan
in a responsible manner and interest rates stay
down, the market should grow by a positive, albeit
modest, 9% this year...
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| National
Credit Act still limiting residential sales |
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The recent half a percentage drop in the interest
rates, though welcome, is not as significant a
boost to the residential market as might be expected,
says Lanice Steward, MD of Anne Porter Knight
Frank, the Cape Town estate agency...
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| Suburbs
becoming Black |
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An FNB first quarter survey of estate agents
showed buying by the so-called "Black"
population group rising to its highest percentage
of total buying since this survey question was
started back in the third quarter of 2005, while
the group classified as "White" dipped
to its lowest percentage of total buying since
this survey question started...
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| House
prices continue to rise in March |
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The average nominal value of small, medium and
large houses for which Absa approved mortgage
finance (see explanatory notes), jumped further
in March 2010 compared with a year ago. On a month-on-month
basis, home values in all three the abovementioned
segments were also higher in March compared with
February...
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| Office
rentals upturn likely |
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While it remains true that the effects of the
recession on the world office market are likely
to be felt for at least another three to four
years a study of the Knight Frank global office
rental review will cheer the property trend watcher,
says Lanice Steward, Managing Director of Anne
Porter Properties, Knight Frank’s South African
associate...
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In
the name of love
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Even though statistics reveal that more and more
unmarried couples are buying property together,
few of them are aware of the legalities around
it...
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| Get
your lease right |
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Whether you’re a landlord or a tenant, you
should have a written lease, and make sure it
contains certain essential clauses...
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| Written
authority necessary in property deals |
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In property law, those acting on behalf of others
have to have written authority. A recent High
Court case reported in the Smith Tabatha Buchanan
Boyes attorney’s newsletter, has, says Lanice
Steward, Managing Director of Anne Porter Knight
Frank, shown how essential it is for sellers or
buyers acting on behalf of a company, a trust
or a close corporation to have the full authority
in writing from fellow directors, trustees or
members...
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| Who
may attend meetings? |
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Question:
We have three units in our scheme. I used to own
two and have just sold one. The chairman and secretary
own one and I am the managing agent. We are having
a meeting to discuss the budget next week.
Surely the new owner should be entitled to attend
this meeting even though she is not a trustee...
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Insure
your property properly
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It’s a good idea to review your insurance
provisions from time to time and make sure you
have the correct cover for your home and any other
properties you own...
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| 10
Most Beautiful Celebrity Homes |
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Along with fame comes fortune and often celebrities
make the fatal mistake of splashing out on gaudy
oversized over priced homes that scream nouveau
riche.However here are the top 10 homes of the
famous people we think got it right and spent
their cash on elegant, unique and impressive homes...
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Focus
On |
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Search
For Properties |
Search for property in your area
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In
the Area |
The areas we are going to take a closer look at this
week are;
| In
the area 1 - KwaZulu Natal |
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New housing developement in KZN
Nedbank Corporate Property Finance: Affordable
Housing and PSE Developments launched an affordable
housing development in Empangeni, KZN today...
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| In
the Area 2 - Nelspruit |
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A new dawn in Nelspruit shopping
Nelspruit's shoppers can expect an exciting new
shopping experience when the brand new I'langa
Mall opens its doors on 29 April 2010...
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To
the editor |
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Article placed last week; News from RealNet /
Pay off your home loan before your retire;
Correction: ....base home loan interest rate
of 10 percent is R7720........– and save
more than R130 000 in interest.”
Apologies for any inconvenience caused.
Regards
The Mega/ Press Network
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| Dreams
do come true |
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100 children's spirits lifted through the RE/MAX
Balloon Parties that were recently held around
the country in conjunction with Reach for A Dream...
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Send your viewpoint to news@cyberprop.com
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News
from David Warneke, a tax partner at Cameron & Prentice
chartered accountants |
| Tax
implications for foreigners investing in SA property |
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The 2010 World Cup has created unprecedented
interest in South Africa. As locals know, despite
its problems, South Africa is an enchanting place
with a mixture of open spaces, natural beauty
and ethnic diversity that is entirely unique...
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