Property 24/10 - 527

Rent vs Salary | What South Africans can afford to spend on accommodation
The residential rental market will remain under pressure and high vacancies will be the new norm, until South Africa sees a dramatic shift in job recovery and creation.

TPN Rental Data for Q3 highlights the hardest-hit sectors with soaring vacancies are the properties at the low-end, rentals R25,000 pm contracted by fifty percent from 1.8% market share to 0.9% q-o-q spurred on by a 23% vacancy rate.

The affordable market has shown the most resilience, as downscaling becomes a stark reality for many households - this as COVID-19 lockdown caused a massive disruption to South Africa’s average take-home pay, as seen in BankservAfrica Take-home Pay Index (BTPI) for August 2020. Their data shows numerous salary payments were either suspended, terminated or adjusted.

When is an arrears summons properly served? Not when it's left on the grass, court rules
TA homeowner who fell into arrears with her bond payments has had a sale in execution overturned in the High Court, as she "never received the summons for the recovery of the outstanding amount of the loan agreement".

The High Court in Absa Bank Limited v Mare and Others was recently tasked with, inter alia, considering the proper service of a summons, and whether affixing the summons to the grass on a property, constituted proper service in accordance with the Uniform Rules of Court (the Rules of Court).

In terms of this decision, Absa Bank Limited (Absa) entered into a written loan agreement in relation to a mortgage bond with the Anet Mare (Mare), who in turn, fell into arrears with the repayments of the loan agreement. A section 129(1) Notice in terms of the National Credit Act 24 of 2005 (Section 129(1) Notice), was served on Mare by the respective sheriff, who attached it to the gate of Mare's premises.

Shop for your dream home with confidence | 9 common mistakes to avoid
Even the darkest cloud has a silver lining and, in this instance, it’s the rare combination of a record low repo rate and a very bearish market affording first-time buyers an excellent opportunity to get a foot on the property ladder. Here's how to make a good investment if you keep your wits about you.

Unfortunately, as much as we would like to just simply throw away debt we no longer ‘need’ or make use of like the old pair of shoes, there are conditions to ‘getting rid’ of old debt. According to the Prescription Act 68 of 1969, a debt is prescribed if during the past three years:

So says Claude McKirby, Co-Principal of Lew Geffen Sotheby’s International Realty in Cape Town’s Southern Suburbs. “There hasn’t been a better time to enter the market for many years as investors are also spoilt for choice in every price band.”

“However, favourable market conditions don’t mitigate the potential pitfalls and, unfortunately, buyer’s remorse is not uncommon amongst first-time buyers, usually as a result of neglecting to do their homework and ensure they are thoroughly prepared,” says McKirby.

“It really is a case of ‘forewarned is forearmed’ because if you have a clear understanding of the process and what is required and have devised a clear plan of action, you can easily circumvent costly mistakes and shop for your dream home with confidence, even during a pandemic.”

Covid sees spike in cybercrime | 'Real estate industry has not escape unscathed'
Cybercrime has spiked since the advent of the Covid-19 pandemic, according to Interpol. Criminals are taking advantage of the weaknesses in corporate and government security protocols as the number of employees suddenly having to work remotely on less-secure home computers and WI-FI networks spikes. And the real estate industry has not escaped unscathed.


The property sector is often misused by criminals, as it presents options in which to hide the source, disposal and use of their illicit proceeds. Chas Everitt International says it recently spent more than R300 000 to implement new digital signature security measures to help protect its customers and business partners from online fraud.

In July Financial Intelligence Centre (FIC) called on the industry to guard against of being vulnerable to abuse by criminals for purposes of money laundering and terrorist financing, by adopting a risk based approach, and to report any suspicious concerns, as require.

"Estate agents can help mitigate the risk of being misused by criminals by fulfilling their FIC Act obligations while at the same time, strengthening their sector."

Leave a comment:

Security Picture (click to change)
Word shown in picture:
menu close

Search Articles