Property News - August 2008
Welcome to our property investment newsletter, the aim of which is to keep you up to date and informed as to the most recent property trends.
This month we would like to draw your attention to article 3, part I in a IV part series, by law firm STBB that outlines some of the more important points when buying property in South Africa as either a resident or non-resident investor.
We have, this month, also managed to secure additional warehousing facilities in the prime industrial area at Riverhorse in Durban as well as at Durban’s new King Shaka International Airport to be completed in 2010. You will need to contact us early in order to secure space in these high demand industrial nodes.
This article forms part of a 5 part series which covers the basics of living and investing in Cyprus property. This, the third month in the series, covers Cyprus food & cuisine, wines & spirits, clothing, domestic appliances as well as a section on medical services in Cyprus.
One of the not-so-exciting, but vitally important parts of any property purchase is the calculation and payment of one or more different kinds of tax. Which taxes you have to pay, how much and when, depend on the manner in which you deal with your property and, to a large extent, on the way in which you structure your property holding.
This the first article in a four part series, on “Buying Property in South Africa as a Resident or Non- Resident”, deals with the position on the Non-resident, a description of the buying process and transfer procedures as well as the all important transferring costs.
The credit crunch has not curtailed demand for accommodation. However, buying an appropriate home is either impossible, as a result of tightened mortgage conditions, or regarded as unwise, given the short-term outlook for house prices. As a result, many potential buyers are deciding to rent, with demand in the letting market increasing by as much as 30% on a year-on-year basis. Rents grew by as much as 16% in central London during 2007.
Levels of activity and price growth in the South African residential property market have slowed down considerably over the past year on the back of sharply rising inflation, which caused interest rates to have been hiked by a cumulative 500 basis points since June 2006; the full implementation of the National Credit Act about a year ago; and the recent tightening of credit criteria by some banks.