Property News - September 2010
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.
As our featured development of the month we have focused on an elite property situated in prime La Lucia Ridge. Overlooking the Oppenheimer estate and with exceptional finishes and sea views, this newly renovated mansion represents the best value money can buy.
We have also included a recent article courtesy of the EAAB outlining the importance of having your tax affairs up to date so as not to delay your property transfer at the deeds office.
The global financial credit crunch has sadly resulted in homeowners not being able to afford the repayments on their homes and ultimately losing them back to the credit providers.
Buyers of property should ensure that their tax affairs are in order or they could face serious transfer delays.
We believe that the structure of the Government's proposed planning policy will cause considerable disruption to an already fragile planning environment and as a consequence we expect to see a fall in the number of planning applications being brought through the system.
Year-on-year growth in the value of households’ outstanding mortgage balances was also unchanged at 4% in June from May. Month-on-month growth was negligible at 0,2% in June (0,4% in May). The value outstanding mortgage balances in the household sector was up by R1,3 billion to R743,4 billion in June.
When buying a property in South Africa off plan you need to do your homework and you need to be aware of potential pitfalls. There are many stories of buyers who bought property off plan only to discover a variety of defects on the property once they had taken occupancy of the property.