Weekly Property News
Friday, 20 November, 2009

Britain's real estate market has attracted billions of pounds of investment from international property buyers since values hit a floor in September LONDON, Nov 17 (Reuters) - South African entrepreneur Nathan Kirsh has become the latest overseas investor to set his sights on Britain's fast rebounding property market. Is it safe to say, “Let the good times begin to roll”? With Eskom that is now compelled to revise the proposed 45% tariff increase over the next three years the answer might just be, yes. If we can twist the arm of Gill Marcus, Governor of the Reserve Bank, to lower the interest rate the answer will be YES!

Headlines: Home loan applications are still not being approved as readily as they should be, given banks’ public commitments to reopening the credit taps for property and this year’s cuts in interest rates. “The real estate industry is waiting in vain for the much heralded easing,” says Henry Lee of CENTURY 21. And that is where our focus falls this week;

  • Africa's Mortgage Market Is Transforming
  • Mortgage trends in SA
  • Home loan applications drowning in NCA red tape
  • Should I fix my mortgage bond rate

Marketing updates: Characterised by at least a 50 percent fall-off in the volume of sales, an extreme scarcity of bank lending finance and, as a generalisation, a marginal fall-off in pricing, the past year has seen extremely tough trading conditions for the property industry - all of which conspired to leave companies in this sector competing in a market which halved overnight, said Dr Andrew Golding, CE of the Pam Golding Property (PGP) SA property's annus horribilis - Andrew Golding

The editor

In This Issue
Featured Property

Mpumalanga, Sabie

Property Type: House - Ideal for a Guesthoue; Panoramic views over Sabie Valley...

CyberProp Property Count: 20/11/2009

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Properties for Sale: 137,521
Properties to Rent: 10,621

Real Estate News International

Africa's Mortgage Market Is Transforming

Kwaku Gima has spent almost fifteen years building his family a house, and it's still not finished. The floor hasn't been plastered smooth and the kitchen cabinets are yet to be fitted...

Local News

Mortgage trends in SA

Tito Mboweni is the first South African Reserve Bank governor to have become a true celebrity!

Everywhere he appears in public, groupies hang onto his lips, frantic to know whether there will be another rate-cut or not...

Home loan applications drowning in NCA red tape
Home loan applications are still not being approved as readily as they should be, given banks’ public commitments to reopening the credit taps for property and this year’s cuts in interest rates...

Should I fix my mortgage bond rate?

One of the questions that he is most frequently asked, says Tony Clarke, is “should I fix the interest rate on my mortgage bond and, if so, at what rate and for how long...

Property takes flight

Massive increases in residential property sales have been reported by Seeff Properties...

SA property's annus horribilis - Andrew Golding

Reflecting on the year in which half the country's estate agents disappeared

Characterised by at least a 50 percent fall-off in the volume of sales, an extreme scarcity of bank lending finance and, as a generalisation, a marginal fall-off in pricing, the past year has seen extremely tough trading conditions for the property industry...

Capital Gains Tax on property

Everyone involved in residential property right now, said Bill Rawson, Chairman of Rawson Properties, has become uneasily aware of the frustration and resentment among people in the lower income levels caused by homeownership being beyond their reach - despite repeated promises from the state that delivery here would speed up...

Mixed impact on real estate and tourism

With our currency pegged to the US dollar, which has been declining in recent months, it could very well lead us to believe that we might see a recovery in the real estate market and tourism if it continues that way...

Asrin see indicators of an upturn in 2010

Asrin Property Developers, one of the major residential developers in the Cape, have put together a five year business plan which, taking account of future economic trends, will see them being far more active from 2010 onwards...

"Black Diamonds" home ownership slowed by recession

Over 50 000 former township and lower income bracket residents are moving annually into what were formerly exclusively white areas and, although this process has been slowed by the recession, it still represents one of the most fundamental changes ever seen in South African society...

Inflexibility won’t sell properties

The property market is turning but things are still a far cry from being a seller’s market and the warning from the property experts is that both buyers and sellers need to be realistic in their pricing if the deals are going to happen...

Don’t give carte blanche in home deals

It ‘s always good advice never to sign a carte blanche in business dealings – and that also holds true for property consumers signing offers to purchase or sales agreements...

Identify the "character" of the node you seek, says Steward

Already, says Lanice Steward, MD of Anne Porter Knight Frank, visitors from overseas (“the swallows”) and from upcountry are filtering into Cape Town - and, she says, as happens every year, some will inevitably start considering buying a home here...

Rawson stands by his assertion: South African property is still a better bet than almost any overseas buy

In a recent hard-hitting statement, Bill Rawson, Chairman of Rawson Properties, disagreed radically with other high profile people in the South African property sector on the question of whether to use the increased offshore allowance...

The future of RDP housing

The Council for Scientific and Industrial Research (CSIR) has developed a demonstration low-income house with an improved design that is durable and easy to extend...

Focus On

Focus on Sabie, Mpumalanga, South Africa

A small country town nestled in the majestic Drakensberg escarpment mountains of Mpumalanga offering a tranquil, malaria-free holiday destination...

>> View Properties in Mpumalanga
>> View Properties in Sabie

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In the Area

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

  • Port Elizabeth
  • Clarens
In the Area 1 - Port Elizabeth

SA’s best-known property group Aida has affirmed its confidence in the Nelson Mandela metropole property market by opening a new office in Port Elizabeth...

In the Area 2 - Clarens

The scenic town of Clarens in the Eastern Free State is experiencing renewed interest among residential property buyers, reports Pam Golding Properties area principal Anne Maree...

To the editor

To the editor:

South Africa could have the world's most expensive electricity if Eskom gets it tariff increases, an economist said on Thursday. "South Africa's electricity is more expensive than electricity in the US, Israel and Mexico and if Eskom gets its 45 percent increase every year for three years,

SA will have the most expensive electricity in the world," Mike Schussler told a presentation on Eskom in Johannesburg entitled "Recovery or Eskom". "We keep being told that we have the cheapest electricity in the world”

The general feeling that we’ve received from our readers on last week’s newsletter is that South Africans and in particular, homeowners, will have to stand together and not let Eskom get away with the new tariff proposal as tenants would not be able to meet the monthly rent.

Share your comments with us by sending it to news@cyberprop.com

Local News continue

Property auctions: Deals of the year

Looking back at 2009: Bargains, bullets, movers-and-shakers

CAPE TOWN: I've attended a fair amount of auctions this year and it's been an interesting one to say the least...

Agents can’t buy much property themselves, survey shows

Despite being hard-working and very experienced, most SA estate agents could not themselves afford to buy the homes that they market...

Lies, lies, lies and damned estate agents

Property sellers admit to fibs; SA's rip-off property sales commssions in spotlight...

Be realistic when you choose a retirement location

A cottage by the sea is such a common retirement dream that it has become almost a cliché, but it does clearly illustrate the point that many people’s hopes for a happy retirement are all tied up with real estate...

Advice to buyers: check, check and check again before takong transfer

When a buyer takes over a property, it is absolutely essential that he or she checks it thoroughly, testing all electrics, locks, windows, doors, down pipes, drains and the rest, says Lanice Steward, MD of Anne Porter Knight Frank...

News From

Chas Everitt - Make sure your agent can negotiate

Because buyers know they have the upper hand in the residential property market at the moment, many are making offers that seem ridiculously low to sellers and their agents...

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