Property News - July 2013
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 and news.
This month we have included a number of headline articles as well as some featured properties and investment opportunities. Please feel free to contact us with regards to your Residential, Commercial and Industrial property requirements.
Knight Frank analysis shows that average property prices within a 10-minute walk of the central Crossrail stations have risen by 30% since 2008, outperforming the prime central London market by 8% over that time. Between now and 2018, prices in these areas is forecast to rise by an average of 40%
In the Minister of Finance’s budget speech it was announced that the new permanent voluntary disclosure programme (VDP) which commenced on 1 October 2012 had already seen 700 applications from taxpayers that would result in more than R200 million in taxes being collected before the end of March 2013.
In terms of the Electrical Machinery Regulations, 2011 an additional compliance certificate is needed to effect transfer of immovable property if an electric fence system is installed on the property to be sold. This certificate provides proof that the installed electric fence system complies with the legal requirements for such as system.
The Reserve Bank’s Monetary Policy Committee (MPC) announced on 24 January 2013 that it had again kept the benchmark repo rate unchanged at 5% in line with market expectations, thereby seeking to balance weakening economic growth against a deteriorating inflation outlook and a sharply weaker rand. While it was expected that the rand would continue to remain both volatile and sensitive to domestic and global developments, further sustained depreciation was not envisaged in the coming months.
Prescribed management rule (PMR) 31 is the rule that gives the detail of how the provisions of section 37, that deal with general and special contributions, must be implemented. A common mistake made by owners and less knowledgeable trustees in sectional title schemes is to assume that common expenses, particularly those perceived to benefit owners equally...