24 March 2003
 In 2000, commissions, transfer duties and legal costs added R6bn to SA's R50bn residential property transactions. Based on a survey of transaction costs for the Financial Mail, undertaken by property consultants Knight Frank, the findings show that both transfer duty at 8% over R310 000 and estate agents commissions at 7,5%, are higher in South Africa than elsewhere. Legal costs at around 1% are in line with those of the rest of the world.
Consultant Erwin Rode says that these costs reduce the amount and pace of property investment, while economist Francois Viruly feels that they make us uncompetitive. Lower costs would mean more transactions and higher liquidity in the market.
Banking Council of South Africa website
|
Click here to view and add comments.
|
|
Note that the information in this web site and or links, is provided
for information purposes only and is not intended to constitute legal advice. It
is supplied subject to our legal disclaimer. |
|
t
t
|
