Web Bytes 248

Credit crunch 'good for property'
Fin24.com - South Africa
Now that the credit crunch has closed the taps on the post-1994 national borrowing binge, South Africans are set to return once again to a culture of saving - a process that will add significant strength and substance to the wealth-building role of home ownership, says Ronald Ennik, managing director of the Gauteng division of Pam Golding Properties.

"At the bonded end of the residential property market, the process is being driven by the tight-fisted mortgage lending policies of banks - which now generally require home buyers to put on the table deposits of as much as 30% - and by the dampening effects on household budgets of the tight restraints imposed by the National Credit Act (NCA).
Fin24.com

SA's biggest property owners bring in the lawyers
RealEstateWeb - South Africa
SAPOA joins forces with lawyers to protect property rights.

The South African Property Owner's Association (SAPOA) legal committee has joined forces with the Association of Property Lawyers to form a new legal committee. This committee will serve to evaluate, discuss and respond to pending and existing policy and legislation that may affect the property sector.

SAPOA CEO Neil Gopal says, "SAPOA's 15-strong Legal Committee ably demonstrates a good representation of some of the leading legal professionals in South Africa who are employed by some of our members. This grouping will no doubt serve the property rights and interests of the many thousands of members we represent."
RealEstateWeb

Pros and cons of long mall leases
Business Report - South Africa
Legal experts have cast doubt on whether exclusivity clauses in long-term property lease agreements are anti-competitive and contravene the Competition Act.

The legality of exclusivity clauses in property lease deals is in the Competition Commission's spotlight as part of its probe into possible anti-competitive behaviour by retailers.

If exclusivity clauses in long-term leases are found to contravene the act, they could be declared unlawful.
Business Report