Property News - April 2011
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 property we have included an Umhlanga Ridge Mansion that has just come onto the market. This state of the art home is an absolute gem! On the commercial front, our featured office and retail development has received strong tenant interest but there are a few sites still available for leasing at discounted rentals not found anywhere else within the Riverhorse Valley business precinct.
Our featured articles on the state of the property market at the end of the first quarter 2011 are well worth the read as well as the article on the new Consumer Protection Act and its implication for the property industry in general.
This morning’s decision by the Bank of England’s Monetary Policy Committee (MPC) to keep the base rate on hold at 0.5% for a full two years should not lull borrowers into a false sense of security
The Sectional Titles Act 95 of 1986 (the Act) has been extensively amended by Act No 11 of 2010 which was assented to by the President on the 3rd December 2010.
One of the biggest changes the Act brings to the property sales sector is the stipulation the 'voetstoot' clauses that breach a consumer's right to property which is fit for its purpose and in good working order are prohibited by the Act.
Recent data released by Absa, FNB and Statistics SA indicates continuing difficulty in the construction sector. This has a very real effect on real estate supply and demand cycles, as well as risk associated with Credit extension.
The South African economy recovered in 2010 after the recession of 2009, supported by the global recovery, growing domestic demand, and low inflation and interest rates. Real GDP growth of just below 4% is forecast for 2011.