The South African Reserve Bank’s (Sarb) Monetary Policy Committee (MPC) is expected to cut the interest rate by another 25 basis points (bsp) on Thursday, most industry experts expect.This mooted interest rates drop is expected to have a positive impact on the wallets of cash-strapped South Africans, with lower repayments on credit card, home loans and vehicle finance debts. This essentially means that...
Thrive Student Living has started its largest student accommodation development in KwaZulu-Natal providing competition to homeowners that offer private student accommodation in areas like Manor Gardens, Glenwood and Morningside. The new student student development represents a R800 million investment and will be located adjacent to the main gate of the Howard College Campus of University of KwaZulu-Natal...
South Africans can now use their cryptocurrency to purchase real estate in a process that is both secure and fully compliant.This is a first in the South African property industry and was created by a group of savvy industry insiders from Broll Auctions and Sales, Schindlers Attorneys, and Schindlers Digital Assets.The new scheme will allow cryptocurrency holders to convert digital assets into property...
South Africans moving to the Western Cape have led to a huge boost to the property market, with the Blouberg area reaching new highs.The Blouberg and Milnerton property market has benefited tremendously from the semigration boom, JP Ricketts a sales manager Seeff Blouberg noted.He said that the market has seen property transactions worth R8.2 billion area over the last twelve months.Ricketts said that...
Airbnb has played a pivotal role in shaping South Africa’s short-term rental market, according to Grant Smee, the Chief Executive Officer (CEO) of Only Realty Property Group.But how will new government-imposed restrictions impact Airbnb property owners and investors?According to Airbnb, Cape Town alone welcomed 700,000 guests in 2023, contributing R14.4 billion to the Gross Domestic Product (GDP).The...
Property buyers that are purchasing sectional title property should not only evaluate all aspects of the property but it is equally crucial to review the governing entity responsible for managing the sectional title scheme.“The body corporate plays a pivotal role in maintaining the complex, enforcing rules, and managing the communal finances,” Cobus Odendaal, CEO, Lew Geffen Sotheby’s International...
Rental property owners and landlords must understand their duties and rights under South African rental regulations, particularly what they are not permitted to do.Landlords and tenants have rights and obligations under the Rental Housing behave and the Consumer Protection Act, and landlords cannot behave arbitrarily, particularly when dealing with tenant complaints.Seeff Southern Suburbs’ rental brokers...
The main reason why a property does not sell is typically because it is overpriced relative to similar properties or the current market conditions, according to Seeff Property Group. Seeff said that an unrealistic asking price extends the selling timeline which means more days of keeping your home show-ready, extra marketing costs accruing, and potentially missed opportunities on other properties you might...
The Free State has the lowest average rent for full title property and sectional property for Q2 2024, according to the TPN Residential Rental Monitor report which revealed the cost to rent in the nine provinces of South Africa. In the Free State the average for a sectional property or full title property is R6,417 and R6,557, respectively. The Western Cape is the province that has the highest average rent...
Buying your first home should be the start of many happy years spent enjoying your investment, however, many first-time homebuyers find themselves facing unexpected challenges.This is according to Arnold Maritz, Co-Principal for Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs“First-time home buying comes with many learning experiences, and while some mistakes are inevitable,...
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