Property 24/10 - 478

Cape Town’s R14bn Harbour Arch precinct given the green light
The Amdec Group, South Africa’s leading developers of New Urban lifestyles, has been buoyed by the outcome of the Municipal Planning Tribunal meeting held on Thursday 24 October 2019, where its R14 billion Harbour Arch mixed-use precinct was approved.

James Wilson, CEO of the Amdec Group, said immediately after the meeting, “This is a big day for Cape Town and a big day for the Amdec Group. We are overjoyed at the City of Cape Town’s decision to support Harbour Arch, and we have no doubt that this project holds tremendous promise for the Mother City. Harbour Arch will create jobs and opportunities, boost investor confidence both locally and abroad, bolster our city's economy and benefit the Western Cape province as a whole.”

Within the context of the burgeoning Cape Town CBD, Harbour Arch occupies a strategic position at the convergence of major access roads, with easy entry points to and from the N1 and N2 highways.

The psychology of pricing: 6 myths preventing your property sale
Although improving, the South African property market remains largely favourable for buyers while sellers have to compete for the limited pool of buyers in a, generally still, overstocked market. While pricing is always important, it is especially so in this market.

This is according to Samuel Seeff, chairman of the Seeff Property Group, who says any property sale involves competing interests. “Firstly, that of the seller who wants to achieve the highest possible price and secondly, the buyer who wants to pay the lowest possible price.”

Since the listing process starts with the asking price, the seller will often think that setting the price at the highest possible level will get them better offers closer to the desired price, he notes.

In reality, Seeff says there is simply no evidence that shows a higher asking price will result in a higher selling price, and it actually has the opposite effect by “putting buyers off” from the outset. There is a psychology to pricing and the consumer’s mindset about price can make or break a sale.

Don’t become a victim: Vital home security and safety tips
According to the most recent Governance, Public Safety and Justice Survey (GPSJS) 2018/19 - Victims of Crime, released by Stats SA, an estimated 1 345 196 incidences of housebreaking and about 264 054 home robberies occurred in South Africa in 2018/19.

Dialdirect Insurance urges South Africans to be vigilant and adopt a proactive approach to home security.

“Homes that aren’t thoroughly secured, have only one security measure in place or have one of their security features temporarily disabled, are prime targets. South Africans are advised to do a thorough security audit and better safeguard themselves as thoroughly as their means allow,” says Maanda Tshifularo, Head of Dialdirect Insurance.

The following trends are evident in Dialdirect’s claims data:

Gauteng landlords compromise on rent to keep good tenants
Below-inflation income growth and an increase in housing supply are together limiting Gauteng landlords’ opportunities to increase the rent on their properties.

According to Johette Smuts from PayProp, South Africa’s leading processor of rental transactions, landlords cannot easily demand high rental increases because tenants can simply move to more affordable housing.

“In this market, the pressure to have a tenant in a property is paramount, meaning landlords must accept lower rent increases to keep their properties occupied,” says Smuts. “Affordability is a real issue amongst South African tenants and the pinch will be felt even more in the new year.”

Smuts adds that the multitude of new housing developments underway in Gauteng is putting downward pressure on rents. “Gauteng tenants have more options in 2019 than ever before.”

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