Weekly Property News
Friday, 16 April, 2010

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.

The editor

In This Issue
Featured Property
Mpumalanga, Nelspruit

Executive, architect designed home set on a 14716sqm stand within a sought after Wildlife Estate...

CyberProp Property Count: 16/04/2010

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Properties for Sale: 131,523
Properties to Rent: 9,725

Local News

South Africa Real Estate Report Q2 2010 - New Market Report Published

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...

Property proves it's investment worth

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...

Overview on SA property market

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...

Forward thinking property investments

Adrian Goslett, CEO of RE/MAX of Southern Africa looks at the benefits of investing in a retirement development...

National Credit Act still limiting residential sales

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...

Suburbs becoming Black

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...

House prices continue to rise in March

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...

Office rentals upturn likely

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...

In the name of love

Even though statistics reveal that more and more unmarried couples are buying property together, few of them are aware of the legalities around it...

Get your lease right

Whether you’re a landlord or a tenant, you should have a written lease, and make sure it contains certain essential clauses...

Prepare for sale with a property dossier

Pulling together all the paperwork on your home can be just as important as sprucing up its appearance when you’re preparing to sell...

Written authority necessary in property deals

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...

Who may attend meetings?

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...

Insure your property properly

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...

10 Most Beautiful Celebrity Homes

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...

Focus On

Focus on Nelspruit, Mpumalanga, SA

Nelspruit, the capital of Mpumalanga, lies in the fertile valley of the Crocodile River about 330 kilometres east of Johannesburg...

>> Propert in Nelspruit
>> Property in Mpumalanga

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2. Garden Route
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5. KwaZulu Natal
6. Free State
7. North West
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10. Limpopo

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In the Area

The areas we are going to take a closer look at this week are;

  • KwaZulu Natal
  • Nelspruit
In the area 1 - KwaZulu Natal

New housing developement in KZN

Nedbank Corporate Property Finance: Affordable Housing and PSE Developments launched an affordable housing development in Empangeni, KZN today...

In the Area 2 - Nelspruit

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...

To the editor

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.

The Mega/ Press Network

Dreams do come true

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...

Send your viewpoint to news@cyberprop.com

News from David Warneke, a tax partner at Cameron & Prentice chartered accountants

Tax implications for foreigners investing in SA property

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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