Property News - February 2014
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.
The latest round of interest rate hiking by the South African Reserve Bank (SARB) has proved to be a mild speed-bump for the property sector with very strong fundamentals. SARB increased the repo rate by 50 basis points to 5.5%, amidst concerns over the inflation outlook.
Once again, Portfolio Property Investments is preparing for the Midmar Mile team event on Saturday the 8th of February 2014 when the PPI team of swimmers including Mark Bennett, Nico Smith, Minette Rautenbach and Bradley Hancock will take to the water in support of the Extra Mile. Please see the following link for more information on this inspirational awareness raising imitative in support of disabled athletes: www.e-mile.org
Legal Update (SA) - The Protection of Personal Information Act Enacted
The Protection of Personal Information Act, 2013 hereinafter referred to as (“POPI”) was published in the Government Gazette on 26 November 2013 and has been signed by the President which effectively means it is law.
Bicycle Friendly City - Corobrik Paves the Way for Non-Motorised Transport in Durban
Durban is fast becoming a bicycle friendly city and Corobrik is proud to have its products used in the construction of the eThekwini Municipality’s new cycle route along the lower, eastern section of the Greyville race course. This will form part of a route that will link the Durban Botanic Gardens with Mitchell Park via Florida Road.
Real Estate Investment - Tongaat Hulett to release prime land in Umhlanga for R12 Billion
Tongaat Hulett will release 42 of the remaining 62 hectares of Ridgeside, its iconic development on Umhlanga Ridge, to the market as a single transaction in the first quarter of 2014. Located on the prime sea-facing slopes of Umhlanga Ridge, Durban’s first choice office location and one of the leading property investment opportunities available
House price indices - Middle-segment house price growth slows down further
Year-on-year growth in the average value of homes in the middle segment of the South African housing market continued to slow down in November 2013. Base effects and slowing month-on-month price growth remain important factors contributing to the downward trend in year-on-year price growth.
UK Capital Gain Tax – the current exemption from CGT for non-UK resident owners of residential properties will be removed.
Tax is not the primary driver for the majority of international buyers of residential property in London. We anticipate that the removal of the CGT exemption for non-resident purchasers will have only a marginal impact on demand and pricing.