Property News - August 2021
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.
Please feel free to contact us with regards to all your Residential, Commercial and Industrial sales, lettings, auction and property management requirements. We look forward to being of service to you!
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You sell your house, give the signed sale agreement to your attorney, and wait to get paid out as soon as the property is transferred in the Deeds Office. What could possibly go wrong?
Globally, house prices are rising at their fastest rate since Q4 2006. Knight Frank’s Global House Price Index, a means of benchmarking average prices across 56 countries and territories, increased 7.3% in the year to March 2021.
With the benefit of hindsight, the stamp duty holiday was unnecessary. The Chancellor was right to introduce it last July but the notion it is needed to support the country’s economic recovery has not rung true for many months – which is a welcome development.
Everyone in South Africa has the right to privacy, as provided for in Section 14 of our Constitution, and the POPI Act actually amplifies that right with provisions intended to protect consumers against identity theft as well as the unauthorized use or sale of their personal information
Interest rate cuts throughout 2020 contributed to a revival in the property market. The South African Reserve Bank cut interest rates five times this year, reducing the prime rate to 7%, the lowest level since 1966.