Outlook and trends in the residential property market
South Africa - Pam Golding
Following another year of tepid economic growth, and with the latest round of load shedding further dampening the economy and expected to result in a Moody’s downgrade early next year, where does that leave South Africa’s residential property market?
With household finances under pressure for the foreseeable future, the focus is likely to remain on affordability, value-for-money and cost saving – for example transport and utilities – for the bulk of the market, says Dr Andrew Golding, chief executive of the Pam Golding Property group.
Dr Golding outlines the group’s vision for 2020:
While there will still be pockets of activity and price growth, the performance of the national housing market is likely to remain subdued. Yet despite the knock-on effect of the drastic load shedding measures, there remain a number of positive factors underpinning the housing market, namely the demographic dividend of a young population – including first-time buyers – fuelling property purchases and rentals, relatively low interest rates, affordability returning as prices correct, and a strong appetite for lending from increasingly competitive financial institutions – with ooba’s loan to value rising to 88.4% in October which is the highest level since the data series began in 2007.
Well, we dodged a bullet on land expropriation… or did we?
South Africa - Daily Maverick
The wording of the proposed amendment to Section 25 of the Constitution – the so-called property clause – is now out. There are, no doubt, those across the country who are asking themselves what the fuss was about. The amendment is, after all, a modest one. It effectively says there are circumstances under which the state will be able to expropriate at “nil” compensation, and that Parliament will need to determine, through legislation, what exactly that is.
Considering what the fearmongers and prophets of doom (or for that matter, the radical economic transformers, from a different perspective) have been saying about how this was the end of property rights in land, or the end of property rights altogether, this is a relief. Isn’t it? We dodged a bullet. Didn’t we?
Amending the country’s Constitution – its foundational compact and book of rules – is a grave matter. This is all the more so when it comes to the Bill of Rights, in a sense, the heart of the Constitution, which establishes the rights and entitlements of people in respect of the state. It is these that protect each of us individually and all of us collectively when the state or its agents try to trample on us.
Legal Innovation and Tech Fest report
South Africa - Eventful Group
For 24 years, The Eventful Group, which has recently taken on local ownership in South Africa, now operating as Eventful People, has specialised in developing communities of common interest for business and IT professionals. Eventful People recently ran a series of Legal Innovation & Tech research groups across South Africa with senior legal professionals and innovation drivers working in the legal space, from both law firm and corporate environments. The attendees discussed the challenges they are facing with within their role with their peers. This report is a summary of the key discussion points and insights gleaned from these discussion groups.
The themes identified in this engagement inform the agenda for the Legal Innovation & Tech Fest, taking place in June 2020. The event will demonstrate innovation and process improvement which is being enabled by technology and innovation, through a combination of case studies, thought-leader presentations, discussion groups, product demos and panels.
Legal Innovation Tech Fest Community Report 2020