Western Cape the place to invest in property.

Latest oobarometer reports that the average purchase price of homes in South Africa has gone up 5,2% year on year

There are sometimes cases where a new home is built, things go wrong with the structure and on trying to get the NHBRC to compensate for the damage or repair, the owners think that there is no recourse if the NHBRC refuses to pay, said Lanice Steward, managing director of Knight Frank Anne Porter. 

CBD regeneration and the development of the frequented landmark Biscuit Mill Development has had a great influence on property values in Woodstock, Cape Town. 

A recent FNB Property Barometer Survey of Estate Agents from John Loos reports a sign of improved confidence in the African economy, with an estimated 20% of foreign investment into SA real estate coming from Africa

In terms of the Consumer Protection Act it is very important for a seller of a house to make sure he is covered effectively and for the agent to make sure that everything has been disclosed.  A good agent will communicate all the relevant information pertaining to a property to the prospective purchaser.

In SA law provision has been made to protect a tenant in the event of an owner selling his property while a lease in still in place.  “Huur gaat voor koop” comes into effect to protect the tenant’s right to the property while his lease still stands.

Africa and other emerging economies are places where property investors should now be looking for real growth in the next decade, but beware the challenges

Could unlocking the wealth potential of all townships be as big a step forward as Margaret Thatcher’s handing over of council houses in Britain to their tenants for private ownership?

The reductions on transfer duty on properties which the Minister of Finance announced in his end of February budget are significant – but they will have relatively little effect unless they are accompanied by a less stringent approach to individual home loans on the part of the banks