R1.2bn Jewel City mixed-use development set to revitalise Joburg's inner city
Construction of Divercity Urban Property Fund’s iconic Jewel City redevelopment is forging ahead. The project is changing the face of Johannesburg’s CBD and revitalising six city blocks that have been closed to the public for decades.
Work has started on the first new residential building in Jewel City and, in addition, the first residential conversion of an existing building on site is now under way.
The Jewel City redevelopment initiative is a substantial investment in Joburg by Divercity, a new investment fund that is renewing and re-energising South Africa’s urban centres with unique inner-city precinct development. Divercity combines commercial buildings with affordable residential accommodation to create inclusive and diverse neighbourhoods. Its key shareholders and stakeholders are Atterbury Property, Ithemba Property and Talis Property Fund, and its cornerstone investors are RMH Property and Nedbank Property Partners
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SA’s residential property market outlook for the rest of 2019
Current economic and socio-political challenges aside, some ‘green shoots’ of renewed activity have appeared in the residential property marketplace in certain regions, which is over and above ongoing, sustained activity experienced in various key hubs according to Dr Andrew Golding, chief executive officer of the Pam Golding Property group. “For example, our Atlantic Seaboard office concluded exceptional sales of over R300 million for February (2019), including a number of top-end properties fetching prices in excess of R25 million and even upwards of R35 million, located in perennially sought-after Camps Bay and The WaterClub in Granger Bay, just one kilometre from the V&A Waterfront.”
“The market has definitely picked up, with increased movement in correctly-priced properties, while international buyers are also more active,” says Basil Moraitis, Pam Golding Properties area manager for City Bowl and the Atlantic Seaboard.
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Here’s what a R2 million property will really cost you
It is no secret that buying a home is one of the biggest financial commitments you will ever make in your life, but along with the costs of the physical home there various other fees and charges to keep in mind too.
Steve van Wyk, Seeff’s MD in Centurion, lists the following main costs to factor in when buying a home of R2 million:
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Rental income and tax - how does it work?
The ability to earn a passive income through property is a wonderful opportunity that can add significantly to your monthly monetary needs. A rental property that is well positioned, in demand and well maintained is an excellent asset and a sound investment. But in terms of rental income and income tax, how exactly does it work?
Craig Hutchison, CEO of Engel & Völkers Southern Africa explains that if you rent out a property and receive a rental income, it will be subject to tax.
“Rent received from the letting of residential accommodation such as a holiday home, cottage on your property, sub-renting part of your house or a townhouse will all be subject to being taxed. The rental income is added to any other taxable income you receive, such as a monthly salary,” explains Hutchison.
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