Residential building statistics
South Africa - Absa
Residential building activity showed diverging trends in the planning and construction phases in the first five months of 2018
Diverging trends were evident in building activity with regard to new private sector-financed housing (see explanatory note) in South Africa in the first five months of 2018. Levels of activity in the planning phase (building plans approved by local government institutions) improved on a year-on-year basis over this period, whereas activity in the construction phase (housing units reported as completed) contracted compared with the same period last year.
Building plans approved for new housing increased by 16,1% year-on-year (y/y), or 3 464 plans, to 25 005 plans in January to May this year, with this growth driven by the segments for houses smaller than 80m² and flats and townhouses, which showed combined growth of 21,5% y/y in the 5-month period.
New housing units reported as being completed contracted by 23,3% y/y, or 3 946 units, to a total of 13 003 units in the first five months of the year. The segments of houses smaller than 80m² and flats and townhouses were the main contributors to the decline in new housing units built in January to May, showing a sharp combined contraction of 30,4% y/y over this period.
Building stats May 2018
Should you sell when developers move in?
South Africa - ReMax
As soon as developers move in next door, the question most homeowners ask themselves is whether to sell or stay. Choosing to avoid a dust cloud of ongoing construction for the next few months (or years), many opt to pack up their things and leave. But, is this the most prudent financial decision?
"While living with the construction noise and mess can be an irritation, homeowners need to consider the financial implications the new development could have on their home. Selling next to a construction zone is going to negatively affect the price of your property - the very same reason you want to move will be the reason buyers won't want to purchase. However, provided that the completed project is not undesirable, the addition to your neighbourhood could significantly increase the value of your home," explains Adrian Goslett of RE/MAX.
Everything property owners need to know about the new Cape town water bylaws
South Africa - Rawson
Winter rains have raised both spirits and dam levels in Cape Town, but the city isn’t resting on its laurels when it comes to water resiliency. The recent drought has highlighted the likelihood of an increasingly dry future for the Western Cape, and it’s become vital for local government to begin implementing long-term water resiliency strategies.
Part of this process has included a controversial re-examination of Cape Town’s water bylaws, which culminated in a number of amendments that went into effect last month. These amendments –heavily contested by city residents during the public participation process – have been met with trepidation by many property owners.
Contrary to popular concern, however, Tony Clarke, MD of the Rawson Property Group, says the amended bylaws shouldn’t require dramatic changes for most residential water users.
Here is a summary of the most relevant updates.