Web Bytes

Web Bytes 198

Black property bodies in push for change
Business Report - South Africa
The SA Institute of Black Property Practitioners is set to launch a "revolutionary" three-year programme of initiatives to speed up transformation of the commercial property sector.

Nyameka Madikizela, the president of the institute - which has about 400 members, most of them commercial property brokers - said on Friday that the transformation would start at the institute's convention this week, with the identification of true partners that would support black economic empowerment (BEE).

The Black Conveyancers' Association last month stated there had been little transformation in the property industry.

Johann Appies, the association's national chairman, said the industry was still 94 percent owned, controlled and managed by white people and most services procured were from white service providers.
Business Report

Absa - Middle market house price growth
RodneyHayter.com - South Africa
In the second quarter of 2008 year-on-year nominal price growth in middle-segment houses, i.e. for houses of 80m²-400m² and priced at up to R2,9 million, was down to 4,7% year-on-year in the second quarter of 2008 (8,2% year-on-year in the preceding quarter), according to Absa's latest quarterly Housing Review released today.

The adjustment brought the average price to around R965 000 in the quarter. This was the lowest nominal year-on-year house price growth recorded in this segment of the market since the third quarter of 1999 when interest rates were still relatively high after peaking in 1998 on the back of the contagion effect of the Asian financial crisis.

Bankers place their bets on commercial property
RealEstateweb.co.za - South Africa

Residential buyers ditched in favour of commercial. Here's why it's an easier sell.

It seems while banks are wary of giving loans for home purchases, they have identified a "new gold mine" in commercial property.

Nedbank earlier this month cancelled its R1,6bn residential development in Sandton for a commercial development saying it's more lucrative than residential, see (Nedbank:"Why we dumped Pam Golding clients").

Nedbank Corporate Property Finance is financing Melrose Arch Piazza, a new mixed development costing billions of rands. The draw card for this financing is the high demand in office space, with existing offices fully let at the moment.

Leave a comment:

Security Picture (click to change)
Word shown in picture:
menu close

Search Articles