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Luxury homes: the rich still get richer
RealEstateWeb - South Africa

South Africa's most expensive homes shot up by 10% in 2008 - better, even, than 2007.

The country's most expensive homes shot up in value by not far off 10% in 2008, according to Absa.

In real terms, or taking into account inflation, prices were down by 2,2% year-on-year (1,1%: 2007).

The last quarter of 2008 saw prices dropping year-on-year in real terms by about 3,9%, the biggest real price decline since the third quarter of 2001 for the luxury segment, but still better than the performance of many other investments last year.

Absa's quarterly housing review, released on Thursday, shows nominal house price growth in the R2,9m to R10,7m segment increased by an average of 9,1% last year.

"Cooling off" threshold to be increased? by David Warmback
Rodney Hayter.com - South Africa
Many more purchasers of immovable properties are likely to be able to enjoy the considerable benefits of the "cooling off" right when purchasing immovable property, if recently announced legislative proposals are eventually adopted by Parliament.

The Department of Trade and Industry, which administers the Alienation of Land Act 68 of 1981 ("the Act") governing certain immovable property transactions, is contemplating increasing the 10-year-old prescribed monetary threshold from R250 000 to R500 000 , in respect of a purchaser's right to revoke an offer or terminate a deed of alienation.

Conveyancing specialists go into receivership
Law Gazette - UK
The Law Society has urged residential conveyancers not to panic following the collapse of two large Yorkshire firms.

Leeds-based Fox Hayes, which employed 115 people, last week went into administration, joining Bradford-based property conveyancing and home information pack processing company Hammonds Support Services (HSS).
Law Gazette

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