Weekly Property News
Friday, 19 February, 2010
FROM THE EDITOR

Dear Reader

The first budget speech of Minister Pravin Gordhan drew mixed reactions from the property industry;

“Although the Budget did not contain many direct benefits for the real estate industry, we welcome it as largely positive and confidence boosting, which will undoubtedly have a spin-off in the property market." Chas Everitt

“The most positive aspect of today's Budget is the news that spending on infrastructure elements such as electricity supply, roads and water systems will continue for many years after the Soccer World Cup.” Harcourts

"Today's Budget is remarkably positive, considering the financial difficulties of the past year and the enormous strain this has put on the economy.” Sothebys

"The R1bn allocation to speed up housing provision and the R500m allocation for bulk water infrastructure will improve prospects for the local property market, which is slowly coming out of a severe slump.” Aida

“Finance Minister Pravin Gordhan has missed the boat in terms of incentivising the property sector in his first Budget speech, thus losing a key opportunity to boost overall economic recovery.” ERA group

"Now government needs to walk the walk" RealNet

Headlines: The steady recovery in the residential property market is expected to gather further momentum in 2010, Absa said in its housing review on Monday. "However, the positive effect of lower interest rates will gradually wear off towards the end of the year," he said. He expected nominal house price growth of around six percent for 2010. Recovery gains momentum

Market news: Last year, the majority of banks were cautious about lending as they tried to manage their bad debts, says Norman Raad, from Auction Alliance. As a result, the lending criteria have changed and access to loans has become more challenging. For this reason, clients are going to need to come up with more equity at a slightly higher lending rate than before. But the outlook remains positive for the year ahead. Now is the time to buy property

Read more in To the Editor

Enjoy!
The editor

In This Issue
Featured Property
Limpopo, Bela-bela

Fully fitted and furnished. Walk out your back gate onto the golf course or enjoy a leisurely game walk to the clubhouse looking at the wildlife grazing all around...

 

CyberProp Property Count: 19/02/2010

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Properties for Sale: 124,531
Properties to Rent: 9,722

Local News

Budget comment property - Chas Everitt

Although the Budget did not contain many direct benefits for the real estate industry, we welcome it as largely positive and confidence boosting, which will undoubtedly have a spin-off in the property market," says Berry Everitt, CEO of the Chas Everitt International property group...


Budget comment property - Harcourts

The most positive aspect of today's Budget is the news that spending on infrastructure elements such as electricity supply, roads and water systems will continue for many years after the Soccer World Cup, says Harcourts Africa GM Jeanne van Jaarsveldt...


Budget comment property - Sothebys

Finance Minister Pravin Gordhan is to be congratulated on a very well-balanced maiden Budget, says Lew Geffen, chairman of Sothebys International Realty in SA...


Budget comment property - Aida

Pravin's hand steady, says property chief

Finance Minister Pravin Gordhan has mapped out a steady course for the South African economy in challenging times, says a leading property figure...


Budget comment property - ERA group
Finance Minister Pravin Gordhan has missed the boat in terms of incentivising the property sector in his first Budget speech, thus losing a key opportunity to boost overall economic recovery says Gerhard Kotzé, CEO of the ERA South Africa property group

Budget comment property - RealNet

"Now government needs to walk the walk"

Tjaart van der Walt, CEO of the RealNet estate agency group, welcomed Finance Minister Pravin Gordhan's undertakings to curb unproductive state expenditure and rein in graft and corruption announced in the Budget today.


Recovery gains momentum

The steady recovery in the residential property market is expected to gather further momentum in 2010, Absa said in its housing review on Monday...


100% bonds 'thing of the past'

Johannesburg - Despite banks claiming to offer 100% home loans, potential buyers are still left out in the cold by stringent lending criteria, said South Africa's biggest mortgage originator on Wednesday...


Now is the time to buy property

Last year, the commercial property market was affected by the recession, high unemployment, liquidations, insolvencies and the global economy...


Wealthy locals look to cash in on billionaires at World Cup

According to estate agents, money is ‘no object’ with people able to charge exorbitant rates, starting from $7,000 a day to top-of-the-range accommodation...


Breaking through ‘buyer’s block’

Finding the “dream home” that matches your budget is always a challenge and most homebuyers realise that they should put lots of time and effort into the search since this will be one of the most important purchases they will ever make...


Small but steady growth for rentals

The latest figures released by credit bureau and rental research agency, Tenant Profile Network (TPN), indicate that the rental market in the upper end of the housing market has become increasingly risky for buy-to-let investors, with a significant jump in the number of tenants in upmarket properties who are no longer able to pay their rent...


VAT review for furnished property rentals

South Africa's National Treasury said on Wednesday that the VAT treatment of commercial and residential accommodation will be reviewed. Landlords of furnished properties have found themselves in the Value Added Tax (VAT) net because of "definitional technicalities"...


Sale of property held in co, cc or trust must still be in writing

Advice from a property MD: If you are selling a property which is held in a Company, a CC or a Trust it is still essential to record the deal in writing...


Foreign sellers have to pay 5% (or more) Capital Gains Tax

Although South African property laws are widely regarded as progressive and encouraging to foreign investors, buyers from overseas can be surprisingly ignorant about the terms and conditions under which they own their properties, says Lanice Steward, MD of Anne Porter Knight Frank...


RE/MAX celebrates success in the Eastern Cape

RE/MAX of Southern Africa has kicked off 2010, the year of opportunity, with a series of awards breakfasts around the country to celebrate its Broker/Owner and Sales Associates’ successes in 2009, one of the toughest years in the property market by far...


In property - and other - disputes, mediation is often preferable to litigation

A recent court decision, Brownlee v Brownlee, in which the judge imposed a punitive costs order because a party and their attorney had not been willing to try mediation rather than litigation bodes well for the fostering of a more active mediation culture in South Africa...


Fighting special levies

Question:
We received a letter from the trustees informing us that they will raise a special levy during the six months starting from the end of February 2010. The reason for this is to paint our complex...

International News

What can South Africa learn from Greece's meltdown?

Greece finds itself in the odd position of being a news vortex these days. The country has become a symbol of a declining state and a prime example of a loser in the shifting sands of the economic meltdown. Where does South Africa stand in relation to Greece? Maybe an odd question, but no odder than the answer...


Focus On

Focus on Bela-Bela (Warmbaths), Limpopo, South Africa

In the sunshine town of Bela-Bela (Warmbaths), there is something for every need; from fun activities like our world famous cable-ski, to conference facilities...

>> View Properties in Bela-Bela
>> View Properties in Limpopo


Search For Properties

1. Western Cape
2. Garden Route
3. Northern Cape
4. Eastern Cape
5. KwaZulu Natal
6. Free State
7. North West
8. Gauteng
9. Mpumalanga
10. Limpopo

Search for property in your area

Enter City/Suburb:

In the Area

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

  • George
  • The Cape
  • Zimbali
In the area 1 - George

Local buyers boost George property market

Property sales in George started an upward trend in September last year, which resulted in the best December sales figures in many years for the local Chas Everitt International office, and good results since then...


In the Area 2 - The Cape

Propstats figures confirm steady rise in Cape residential sales

The January figures from PropStats, the Western Cape Institute of Estate Agents’ new monthly statistical review (available to agency principals and managers), gives further encouragement that the Cape residential sector’s recovery is gaining momentum...


In the Area 3 - Zimbali

Zimbali property saga: Who is telling the truth?

Luxury holiday spot to be completed soon, says JSE listed developer. Impossible, say disgruntled contractors...



To the editor

2010 Tax related budget proposals

The following is a summary of the tax related budget proposals announced by the Minister of
Finance on 17 February 2010.

BUDGET HIGHLIGHTS

The main tax proposals include...

Send your viewpoint to news@cyberprop.com

News from Aida

Thousands part with a pint in Aida campaign

The national blood donation campaign recently launched by the Aida real estate group has already yielded more than 2500 precious pints – and is on track to deliver thousands more before it ends...


Upcoming Events - Green Building Council - South Africa

Green Star SA Accredited Professional Training~ East London

The ever popular Green Star Accredited Professional Training Courses are back in 2010.

We offer a multi-level Green Star SA Accreditation training program to suit a wide audience of people. Green Star SA Accredited Professional training is useful for anyone interested in green building and looking to be a part of the Green Star SA Certification process. All Green Star SA Accredited Professionals are accessible to the industry through a directory on the GBCSA website.

Date: 9 March 2010
Venue: East London Golf Club

Details

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