South African consumer confidence in the property market is at its highest in ten years, says the Absa Homeowner Sentiment Index. This means South Africans are currently more confident about the property market than they have been in the last decade. This could suggest that people are more optimistic about buying or investing in property. The index revealed that buyers are positive about...
Capetonians have until the end of March to submit comments on the proposed redevelopment of land in Pinelands for affordable housing and commercial opportunities.The City of Cape Town’s Economic Growth Directorate held a public meeting this week on the proposed redevelopment of the King David Mowbray Golf Course (KDMGC) and the land on which Clyde Pinelands Football Club is situated.The City envisions a...
The take-home pay of only 15.8% of South Africans would be sufficient to be able to afford a property of R1.3 million in value, says an independent economist following the latest BankservAfrica Take-Home Pay Index (BTPI).Elize Kruger, an independent economist, said according to the calculations of an estate agent, for a salary earner to afford a property of R1.3 million in value, with a repayment of R13...
The current homeownership finance products are prohibitively expensive for many government employees, particularly those in the gap market, says the the Department of Public Service and Administration(DPSA). The gap market refers to households that earn too much to qualify for government-subsidised Reconstruction and Development Programme (RDP) housing but not enough to secure traditional...
The potential increase in VAT (value added tax) could reduce consumer spending, particularly on non-essential items, negatively impacting property owners with retail exposure as tenants might struggle.Ridwaan Loonat, a senior analyst for Property at Nedbank Corporate and Investment Banking, said VAT is charged on rental income from commercial properties if the landlord is VAT registered, but not on...
The cheapest and most provinces to rent in South Africa have been revealed in the PayProp Rental Index. The index is a quarterly guide outlining trends in the South African rental market and is compiled from transactional data collected by PayProp. The Western Cape has the highest rent while the North West has recorded the lowest rent and the average rent for the country was R9,051 making it the...
A much-needed early childhood development (ECD) facility has been opened on the West Coast with the creation of the Nuwerus Crèche Activity Centre. This initiative stems from the challenges highlighted during municipal public participation and ward committee engagements, which revealed that the Nuwerus Crèche was the only facility in the area still operating from an informal...
The City of Cape Town's public participation process for the proposed development of the King David Mowbray Golf Club (KDM) site has once again stirred debate about appropriate land use. It is a very important debate. The need to address spatial inequality, not just in Cape Town, but in all South Africa cities, should be acknowledged by everyone. Large parts of Cape Town remain defined by patterns of...
The South African government’s proposal to increase VAT from 15% to 17% has sparked concerns across various sectors, with experts warning of its potential impact on consumers and the property market. According to Antonie Goosen, principal and founder of Meridian Realty, the increase could significantly affect homebuyers, sellers, and investors. “A VAT increase means higher costs for essential goods...
The average rent for property in South Africa for Q4 2024 was R9,051, according to the PayProp Rental Index. This is the first time that average price of rent in the country was over R9,000. Year-on-year, rental growth increased by 5.2% for Q4.Rent for Q4 was R453 higher than the year prior and R195 more than the previous quarter. The report showed rental growth recovery, signalling confidence in...
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