Property 24/10 - 282

IEASA Western Cape's last property updates for 2015
The Institute of Estate Agents of South Africa, Western Cape, will hold the last two property update sessions for this year on 10 December at their Pinelands Training Centre in Sheldon Way, Pinelands according to Annette Evans, regional manager for the Institute of Estate Agents, Western Cape, who says the morning session will be run from 09:30 to 11:30 by an attorney from the Cape Law Society.

She says it will include a legal update case study regarding the voetstoots clause within an offer to purchase, as well as the legal requirements with regards to the Protection of Personal Information Act (POPI).

Pretoria property outlook for 2016
Stock shortages, bigger demand due to new developments and fewer days on the market before a property sells are all part of the predictions for the property industry in the greater Pretoria area for 2016 according to Gerhard van der Linde, Seeff’s managing director in Pretoria East, who says although their performance this year has been satisfactory, they are optimistic that the market will pick up in the New Year.

“A lot of new commercial development is taking place in Pretoria East, including the Menlyn Main development that is set to become Africa’s first green city. This mega development will include commercial space, retail space, shopping space, a gym, residential apartments, a hotel, an entertainment complex and scenic parklands,” he says.

What you'll pay on property taxes around the globe
According to a report by Knight Frank and EY International, investors are offered the lowest property costs in Shanghai according to Liam Bailey, global head of research at Knight Frank, who says the Global Tax Report 2015 analyses the buying, holding and selling costs for foreign buyers of prime residential property over the five year period from 2010 to 2015, as well as providing illustrative taxation costs in 15 key cities worldwide.

The report analyses the costs for individuals buying property in their own name as an investment to rent out over the five-year period. Whilst Shanghai offers the lowest property costs out of the 15 cities, it is Monaco which offers the lowest taxation when buying a property at both US$1 million and US$10 million.

Social media, estate agents and the property market
Since the advent of the internet, we have been living in an age of instant information. Everything that anyone would like to know has become accessible and is just a simple click of the mouse away.

Computers and technology are elements that have transformed the way in which people interact and communicate with one another, making the world a smaller place according to Adrian Goslett, regional director and CEO of RE/MAX of Southern Africa, who says with technological advancement constantly pushing forward, the face of business and industry has been forced to adapt to the ever-changing environment in order to accommodate the new way in which business interactions are undertaken.

Goslett says agents have had to make adjustments to their marketing methods to ensure that they are integrating new forms of media into their marketing plans.

What do property agents bring to the table?
A certain type of home seller will often be tempted to ‘do it alone’ and sell his home without the help of an estate agent.

However, Rowan Alexander, Sales Manager at the Rawson Property Group’s Brackenfell franchise, says this all too often leads to very serious problems.

Recently, Alexander says he came across two cases which illustrate clearly how the average home seller involved in a property transaction can be seriously unaware of implications concerning contractual conditions. In both these cases problems were caused for the seller and buyer, he says.

In the first case the seller signed a document accepting an offer from a buyer conditional on the buyer being granted a bond, which was then given to him. The seller then changed his mind and decided that he did not want to sell, completely ignoring the very obvious fact that he had agreed to do so under law.

Is a home worth restoring? How to decide
In a market where homes to buy are in short supply and prices continue to rise, the appeal of renovating and modernising an “older” property is strong, especially if it is well-located and comes at a discount price according to Rawson Property Group MD, Tony Clarke, who says young families see this as a way of getting much more house for their limited budget, or being able to afford to live in an up-and-coming area, while speculators see an opportunity to make a profit.

“But as with all financial decisions, there is an element of risk in such plans, and they are only worth considering if buyers are prepared to follow the ‘rules’ and get the right help.”

He says the buy-to-restore trend is definitely gaining ground now as fast-rising home prices in the most desirable areas and the higher costs of commuting, not to mention rapidly changing lifestyles, prompt prospective buyers to look again at the older, inner suburbs of South African cities.

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