Blockchain Technology could alter Real Estate Industry deals
Africa Property News - South Africa
The way real estate industry deals are conducted could evolve with the development of blockchain technology, which underlie cryptocurrencies like bitcoin.
The emerging technology that runs on a distributed ledger has become increasingly associated with transparency, accountability and open governance because of its supposedly tamper-proof design, says Ortneil Kutama, Media Director at Africa Property News.
Of all the disruptive platforms and technologies discussed at the World Economic Forum’s Annual Meeting of the New Champions this year, one in particular continues to attract a great deal of buzz: blockchain.
Africa Property News
Jeremy Cronin to speak on Expropriation Bill at Rode-REIM Conference 2016
Rode - South Africa
A highlight on the calendar of the South African property industry, the annual conference jointly organised by renowned property economist Erwin Rode of Rode & Associates and Real Estate Investor Magazine, will take place in Johannesburg on 27 September and in Cape Town on 29 September.
This year’s event, sponsored by Greystone Residential, will see audiences in both centres addressed by the South African Deputy Minister of Public Works, Jeremy Cronin (who will talk on the Government’s Expropriation Bill) and Stephen Brookes of Balwin Properties (on the case for new property developments in South Africa).
Both centres will also hear panel discussions with experts in the field on the increase in offshore investments in the global village, as well as Erwin Rode’s annual assessment on the prospects for property in the year ahead.
Jeremy Cronin to speak on Expropriation Bill
Credit and mortgage advances
Absa - South Africa
Household credit balances growth slowing down further
Growth in outstanding credit balances in the South African household sector dropped to 1,4% year-on-year (y/y) at the end of July 2016, which was the lowest year-on-year growth on record in the past 15 years. This low growth is inter alia the result of data distortions related to developments regarding unsecured credit balances (see explanatory note). The value of household credit balances amounted to R1 465,9 billion at end-July.
The value of household secured credit balances (R1 128,6 billion and 77% of total household credit balances) registered growth of 3,1% y/y up to July (3,8% y/y in June). This was the combined result of growth in household mortgage balances (see below) as well as growth in instalment sales balances, which was in negative territory to the tune of -0,3% y/y at the end of July.
The value of household unsecured credit balances was virtually unchanged at R337,2 billion (23% of total household credit balances) at the end of July compared with end-June. Unsecured credit balances contracted by 4% y/y as a result of the abovementioned data distortions. The pace of contraction in general loans and advances (mainly personal loans and micro finance) accelerated further to 7,3% y/y up to the end of July.
Credit and mortgage advances (Jul 2016)
Layman's guide to real estate jargon and property legalese
IolProperty - South Africa
Very few transactions are as lengthy or complex as buying and selling property.
Peppered with industry jargon and legal terms, they present a multitude of potential pitfalls that easily trip up novices and can even generate a few unpleasant experiences for market veterans if the purchase isn't straightforward.
According to Lew Geffen Sotheby's International Realty director, Sandy Geffen, certain terms seem obvious and it's not hard to figure out the definition of an agreement of sale.
But it's also essential to understand the conditions that apply to ensure a seamless transaction without any rude surprises along the way that could delay or even scupper the chance of moving into your dream home.