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There are a few significant changes on the cards for the South African property sector in 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.
During his State of the Nation address on Thursday evening, President Jacob Zuma commented on the property market saying that, “This sector in our country is valued at approximately R7 trillion, with the subsidised sector being valued at R1.5 trillion”.
If Sandton, the financial centre of South Africa, has been impacted by the national economic slowdown, the city appears, at least physically, to show little sign of this.
2017 looks to be a challenging year for the South African property market, as quarterly statistics released by ooba, South Africa’s largest bond originator, point to ongoing affordability constraints for South African consumers.
Durban’s sophisticated suburb of Musgrave has long been a favourite with affluent families and successful entrepreneurs, but recent trends indicate an increasing demand for student accommodation in the area as well.
The residential property market has had its ups and downs during 2016 as the economy stagnates, the Reserve Bank started hiking interest rates again and consumers struggle with household debt-to-income.
The small KwaZulu-Natal town of Verulam lies just 27km north of Durban, a stone’s throw away from the Gateway shopping centre and Umdloti Beach, and a few minutes’ drive from King Shaka International Airport.
Holding the repo rate steady at today’s Monetary Policy Committee meeting today (24 November 2016) was the right decision and one which is expected to help boost consumer confidence at a time of the year when many are planning and making career and lifestyle decisions for the year ahead, says Dr Andrew Golding, CE of the Pam Golding Property group.
Port Elizabeth has a reputation for being “the friendly city”, and its great schools, sandy beaches, salt-scented air and relaxed pace of life have certainly won the town many devoted residents.