Property 24/10 - 392

Important notice for housing schemes: CSOS payments due 31 Mar
The deadline is looming for community housing schemes like townhouse complexes, retirement villages and residential estates to register and pay their levies to CSOS.

“The Community Schemes Ombud Service is the property sector’s newest dispute resolution body,” says specialist sectional title attorney Marina Constas.

32 000 community schemes have so far registered. With 818 dispute resolution applications received in the last quarter of 2017, Constas, who is a director of BBM Attorneys and a CSOS board member, believes “that the organisation is making its mark, and encourages community schemes not yet on board to register now”.

Community schemes are all required to register with CSOS and pay a quarterly levy. “The deadline for registration and to have payments up to date is 31 March this year,” says Constas.

Property industry's reaction to Budget 2018
Here's what some of SA’s estate agency groups have to say about today's National Budget 2018, its impact on homeowners and the property market...

National Budget geared to instil confidence, says Pam Golding Properties
Given the hand they were dealt, government has performed a delicate balancing act which it is hoped will serve to reignite confidence in investment in South Africa, regain our global credibility and satisfy the credit ratings agencies, says Dr Andrew Golding, chief executive of the Pam Golding Property group.

“Speaking from a property perspective, this is a market which is fuelled by sentiment, and as a consequence, a Budget which satisfies the above criteria – on the back of the election of President Ramaphosa – is expected to go a long way towards reaffirming investor confidence in real estate.

New property management and community scheme law courses
The University of Cape Town and Paddocks have announced their collaboration on a number of online short courses and workshops.

The news follows a demand within the industry for role players like managing agents, trustees and owners to have a thorough understanding of property management and community scheme law after the recent updates to the community scheme legislation.

“Our aim is to professionalise the industry and empower those involved in community schemes,” says Professor Graham Paddock, sectional title and HOA expert and head of Paddocks.

“We offer a range of UCT online short courses and workshops, consulting and trusted advice on community scheme matters, books, ebooks, as well as exclusive membership to Paddocks Club where you can get answers to your questions about sectional title, homeowners’ associations and other types of community schemes.”

Developers and investors: Cash in on affordable housing
Investment is needed in the affordable housing sector. Historically, growth in this sector has been hampered by perceptions of high risk and, as a result, undervalued investments.

“If investors take the time to do their due diligence they could find South Africa’s housing shortage is also an opportunity for high investment yields,” says Private Equity Analyst at RisCura, Kiara Suttner.

As investors struggle to achieve favourable rental returns in South Africa’s high-end property market, the affordable housing sector’s high rental yields have not gone unnoticed.

Real estate consultant, Knight Frank’s 2017 research shows that current yields for prime location residential property range from 5% to 5.5%, while affordable housing sectors are seeing yields of between 8% to 10%.

Durban's North Coast a call centre and tourism hotspot
Demand for space to accommodate Durban’s rapidly-expanding business sector continues to feature as a backdrop to the local economy. This is evident in the pace at which newly-created space or facilities in the north coastal development corridor of Durban are taken up as expansion continues unabated.

One need look no further than the pace of development north of Durban, up to and including King Shaka International Airport and Dube TradePort, to witness this phenomenon.

“Business process outsourcing (BPO) has been identified as a compelling market sector in the region, and Tongaat Hulett is committed to facilitating development to accommodate this demand and open up attractive and profitable investment opportunities,” says Xoli Shabalala, Head of Market Solutions at Tongaat Hulett Developments.

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