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The 2017 national Budget was tabled in the South African Parliament by the Minister of Finance, Pravin Gordhan, on Wednesday, 22 February 2017.
The raising of the threshold for transfer duty on properties sold for less than R900 000, up from R750 000, as announced in today’s National Budget, is positive news as it provides some relief for first time home buyers, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
South Africans can expect growth of 1.3% in 2017, which is expected to improve moderately to over 2% in the medium term, Finance Minister Pravin Gordhan said on Wednesday.
As Finance Minister Pravin Gordhan tabled what appeared to be a pro-poor budget, he has announced that relief will be given to the affordable housing market.
The ratings agencies have been circling for months with many fearing a downgrading to junk status, and South Africa’s economic growth rate has been narrowed from 0.8% in February to 0.5%.
Ratings agency Standard and Poor’s will today make its decision public on South Africa’s credit rating.
Gaming and leisure group Tsogo Sun is set to gain the income benefits of having a portion of its hotel assets in a real estate investment trust structure when it gains control of Hospitality Property Fund.
A prime piece of land in Bantry Bay, once a land claim belonging to the Tramway Trust, is now under development and set to become the biggest development ever in Cape Town.
While much has been made of the proposals contained in the first interim report of the Davis Tax Committee on estate duty, particularly those related to trusts, as well as in this year’s Budget Speech, these structures remain viable and useful instruments.
Adjustments to transfer duty on property in the 2016 national Budget are to impact only the upper end of the residential property market.