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Category Archives: Real Estate
Durban named ‘the strongest hotel market in SA’
Comparatively better domestic tourism demand in Durban has seen JSE-listed Tsogo Sun Hotels stick to its plan to reopen the historic 111-year-old Edward Hotel, despite the group already having a significant presence on the city’s beachfront. Group CEO Marcel Von Aulock tells Moneyweb the hotel reopened on Monday, becoming the fifth property the group now operates along the Golden Mile. He says it has …
Pandemic interrupts Nigeria’s housing boom
2019 was a great year for Nigeria’s housing market, with demand rising by double-digit figures. Property listing inquiries surged 72%, according to a year-end report by Nigeria Property Centre. However due to the pandemic, demand suddenly slowed this year. Job losses and salary cuts have prevented many from renting better apartments or purchasing new homes, note PropertyPro.ng. Estate Intel confirms that “many payment plans …
Regulation of Real Estate Agency Services will rid Ind...
Dr Jonathan Zinzi Ayitey, a Senior Lecturer, Kwame Nkrumah University of Science and Technology, has stressed the need for the regulation of real estate agency services to rid the industry of fraud, laundering of illegal income, and tax evasion. He said appropriate regulation would minimise the effect of the vices on the national economy and enhance the international image of the country. Dr Ayitey …
SA Property market rebound Sees Home Loan applications...
There are early signs that the property market is rebounding sooner than expected, as the pent-up demand wave ends and the appetite for home loans grow. Property is certainly more accessible following five successive repo rate cuts since January. With the drop in the prime lending rate from 10% to its current historic low of 7%, many South Africans are finding a footing on the property …
Planning is more important than prediction for Africa’...
An understandable response to the economic fallout of Covid-19 is for governments, industries and businesses trying to predict the path that the global economy will take in the coming months and years. However, given that this is a challenging exercise at best, it’s probably a better investment of valuable time and effort to ponder the many lessons – some very hard to swallow – …
South Africa: Low 7% interest rate and downscaling tre...
The exceptionally low interest rates, are opening up the residential property market to buyers who previously did not qualify for bonds. Following the latest interest rate cut, purchasing real estate has never been more enticing. At the current prime lending rate of just 7%, homeowners can end up spending less on their monthly bond installments than they would in rent. Downscale due to pressure Applicant …
Nigeria: How to make 300,000-unit housing scheme succe...
Following the National Economic Council (NEC) approval of the construction of 300,000 mass housing units in all the states of the federation and the Federal Capital Territory (FCT), major players in the built environment have submitted proposal on how to make the scheme successful. The scheme is part of the Nigeria Economic Sustainability Plan by the Vice President Yemi Osinbajo-led Economic Sustainability Committee, estimated …
Pandemic disruptions an opportunity for Africa to reim...
The need for social distancing and better sanitation could leapfrog African city development into a more sustainable future. This is according to Duncan Bonnett, Director Market Access & Research at Africa House, and research partner of exhibition organiser Messe Muenchen South Africa, who says that while Africa’s architects and planners have long been pushing for greener, smarter better designed urban spaces, the Covid-19 pandemic …
How Multiple Taxation Stifles the Nigerian Real Estate...
Stakeholders in the real estate sector said the threat posed by multiple taxations to property development, consultancy and administration is huge and required urgent action because it is stifling investment in the sector. The scope, they said is large and suffocating industry players. While in many cases, people are made to cough out huge sums on taxes, they’re not supposed to pay. Some of …