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Weekly Property News
Friday, 19 February, 2010 |
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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
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Local
News |
Budget
comment property - Chas Everitt |
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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...
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Budget
comment property - Harcourts |
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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...
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Budget
comment property - Sothebys |
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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...
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Budget
comment property - Aida |
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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...
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Budget
comment property - ERA group |
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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
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Budget
comment property - RealNet |
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"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.
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Recovery
gains momentum |
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The steady recovery in the residential property
market is expected to gather further momentum
in 2010, Absa said in its housing review on Monday...
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100%
bonds 'thing of the past'
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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...
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Now
is the time to buy property |
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Last year, the commercial property market was
affected by the recession, high unemployment,
liquidations, insolvencies and the global economy...
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Breaking
through buyers block |
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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...
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Small
but steady growth for rentals |
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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...
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VAT
review for furnished property rentals |
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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"...
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Foreign
sellers have to pay 5% (or more) Capital Gains Tax |
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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...
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RE/MAX
celebrates success in the Eastern Cape |
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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...
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Fighting
special levies |
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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...
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International
News |
What can South Africa learn from Greece's meltdown? |
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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...
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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 - George |
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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...
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In
the Area 2 - The Cape |
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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 sectors recovery is
gaining momentum...
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In
the Area 3 - Zimbali |
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Zimbali property saga: Who is telling the
truth?
Luxury holiday spot to be completed soon, says
JSE listed developer. Impossible, say disgruntled
contractors...
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To
the editor |
2010
Tax related budget proposals |
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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...
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Send your viewpoint to news@cyberprop.com
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News
from Aida |
Thousands
part with a pint in Aida campaign |
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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...
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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
HAVE YOU REGISTERED?
Book
Now
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