Property News - September 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 are proud to announce the formal launch of our new lettings division. Not only are we now able to service all of clients residential and commercial property needs, both locally and internationally, but are also able to manage our clients’ property investments after they have purchased. This is in line with our company’s strategy to be a one stop shop for all of your property requirements.
As an introduction to this service we have put together a short article outlining the benefits of using a lettings and property management agency as well as a quick update as to what is currently happening in the South African residential lettings market. (Please see article 5 in this month’s newsletter)
This the second article in a four part series, entitled “Buying Property in South Africa as a Resident or Non- Resident”, deals with the signing of documents relating to the Purchase and Sale Agreement and covers some of the more important clauses that such agreements encompass. It also deals with Capital Gains Tax (“CGT ”) from both the Resident and Non-Resident perspective.
The demand in growth for housing in the coming years could be significantly more rapid than GDP (growth domestic product) growth. This is because middle-to-upper income people tend to spend a higher percentage of their disposable income on housing/accommodation than do the poor. The emerging black middle class will drive strong growth in housing demand.
Values for residential property in prime Central London have now dropped for three consecutive months. Prices have now fallen by 4.7% over the past three months, the largest quarterly fall recorded in the history of our index.
This article forms part of a 5 part series which covers the basics of living and investing in Cyprus property. This, the 4th month in the series, covers air travel to and from Cyprus, language, communication, utilities, residential permits as well as the processes of bringing your possessions and family pets to Cyprus.
With the slow down in the South African property market, many potential property buyers have decided to take a back seat, rent instead of buy, and see where the market goes. This is causing greater demand for quality rental properties.