Modernising SA's cities | Rethinking public areas and the luxury of privacy, post Covid-19
Urbanisation has been a major watchword of the 21st century, with 55% of the world’s population already living in urban areas and numbers expected to increase to almost 70% by 2050, however, the course of urbanisation is likely to be significantly altered by several forcible disrupters.
Urbanisation has been a major watchword of the 21st century, with 55% of the world’s population already living in urban areas and numbers expected to increase to almost 70% by 2050, however, the course of urbanisation is likely to be significantly altered by several forcible disrupters.
“Add to that increased security concerns, growing traffic congestion and, most recently, a global pandemic which literally changed the world overnight, and it becomes very clear that we have to rethink traditional ideas about urbanisation, planning and development.”
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Deep Recession | Sharp 2% rate cut needed instead of 5 staggered cuts planned up until 2021
The Real Estate industry could provide much-needed economic stimulus, with the impact of Covid-19 showing rising House Price inflation as SA heads for deep recession.
The property industry, with a R23,6bn per annum contribution to the economy has been hard hit by the slow unlocking of restrictions to deal with the Covid-19 pandemic. The economic benefits of a moving property market are significant. An impact study done for REBOSA by Associate Professor François Viruly from the Urban Real Estate Research Unit of the University of Cape Town shows that it contributes 6% of GDP and estate agency commission alone is an estimated R9,3 billion and has a multiplier effect of 1.94, thus an economic impact of about R18 billion.
South Africa's real estate generates government revenue across the different tiers of up to R16bn (per the national budget for 2019/2020) plus additional revenue such as CGT, Deeds Office fees - not forgetting agents’ commission, attorneys’ fees, financial services, home improvements, removal companies and home inspections as part of the total value chain.
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Estate agents can now apply for an essential services permit to perform inspections
While it might not be back to work as usual just yet, estate agents can register as an essential service provider to facilitate incoming and outgoing inspections - now that the once-off movement to relocate has been put into effect.
The permit is limited to “only providing support to other Alert Level 4 services, where work-from-home is not possible”, says Michelle Dickens, MD of TPN Credit Bureau.
The allowance is made under Disaster Management Act, Regulations Table 1 Alert Level 4:
Part H: Financial and Business Services.
2. Essential Financial Services may operate "only when the operation of a place of business or entity is necessary to continue to perform those services. ii. the payments environment
It specifically relates to estate agents who are required to facilitate the handover of keys, as well as incoming and outgoing inspections, since the amendment of Alert Level 4 restrictions now allows people a once off move for change of residence, up until 7 June.
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