Articles of Interest

Impact of Coronavirus on property market

On Sunday 22 March, President Cyril Ramaphosa addressed the nation about coronavirus, declaring the outbreak of Covid-19 a national disaster in terms of the Disaster Management Act. He assured us that all necessary measures and systems will be mobilised to contain the spread of the virus and to limit the effect it will have on the economy. The question around the pandemic’s impact on the property market is an important one, as the real estate market is keenly affected by the overall health of the economy, consumer confidence, and levels of employment in particular, which means that major disruptions in other sectors will have at least some impact on the property market.

 

SA Property - FNB Estate Agents Barometer: "Foreign effect" on domestic market

The "foreign effect" on the domestic market increased over the past two years, contributing to excess supply predominantly in the upper-ends of the property market. In this report, we assess sources of inbound foreigner demand and estimate their net effect on domestic volumes, using the latest estate agents survey results.

 

South Africa - Hiding your light under a Bushel

From a news flow and publicity point of view, an extraordinary thing happened in December 2019. The last cabinet meeting of the year was on Friday 13 December. That was also the week of stage 6 load shedding and when the president said there will be no load shedding before 13 January 2020. The normal post-cabinet news conference, where (some) details are given of what cabinet discussed, took place on Tuesday 17 December.

 

South Africa - Land Expropriation without compensation

Currently, expropriation is allowed and is governed by both the Constitution and the Expropriation Act. Section 25(2) of the Constitution (the property clause) is quite clear: expropriation is allowed subject to compensation, which must be just and equitable. Expropriation decisions are taken by the Executive (government) and the courts can review those decisions and make a binding order. Considerable jurisprudence has been developed on how expropriation should be done and compensation calculated.

 

Revision of Deeds Office Schedule of Fees

The Department of Rural Development and Land Reform (the Deeds Office) has Gazetted an amendment to the Deeds Registries Act (47/1937) giving effect to a revision of the Schedule of Fees of Office as prescribed by regulation 84.  This revision resulted in a price increase for Transfers, Property, Person, Document, Document Copy and DOTS searches and will come into effect from 25 March 2020 on Lexis WinDeed. Other property searches such as WinDeed Property Report, WinDeed Database Property/ Document and Automated Document Tracking will also be affected. View Price List

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Disclaimer

This publication is an attempt to share information of interest with members and readers. Articles on products and ideas featured in this publication from other sources do not of necessity carry the endorsement of SAIV unless explicitly so indicated.

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