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About Kerry
Kerry Dimmer is an award-winning freelance journalist based in Johannesburg, South Africa. Winner of the Diageo Best Infrastructure Feature of the Year 2010, and 2013 SAPOA Property Feature Journalist of the Year. Focuses on current affairs in Africa.
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Cape Town ranks fifth on Savills World Cities Prime Residential Index

12 Oct 2024  |  www.privateproperty.co.za
Cape Town ranks fifth on Savills' World Cities Prime Residential Index, showcasing its appeal as a prime residential market with a forecasted capital value growth of 2% to 3.9% in 2023. Despite a global slowdown in prime residential markets, Cape Town remains the most affordable among the 30 cities in the index, with a capital value of $260 per square foot. The city's real estate market benefits from its global stature, sophisticated financial markets, and attractive lifestyle offerings. While global economic conditions pose challenges, Cape Town's market is expected to continue its growth trajectory, supported by new developments and international interest.

How to price your rental property fairly

12 Oct 2024  |  www.privateproperty.co.za
As interest rates rise, the demand for rental properties increases, but the cost of living affects rental affordability. Adrian Goslett, CEO of RE/MAX of Southern Africa, emphasizes the importance of understanding the local rental market to set competitive rental rates. Overpricing can lead to vacancies, while underpricing may attract unsuitable tenants. Landlords should consider market analysis, vacancy rates, and local economic factors when pricing. Unique property features and local amenities can justify higher rates. A professional rental agent can help screen tenants and ensure long-term profitability.

Changes to electricity meters in South Africa

12 Oct 2024  |  www.privateproperty.co.za
Eskom has announced that the software for all prepaid electricity meters in South Africa will expire in 2024, necessitating an update to prevent disruption in electricity supply. The initiative, which is free of charge, aims to address meter challenges and ensure accurate customer data. The update process has already begun in Gauteng and is being rolled out to other provinces, including Cape Town and George. Customers are advised to enter old tokens before the upgrade and to verify the identity of technicians. The City of Cape Town has already recoded 170,000 meters, while George Municipality is working through older stock.

2023 budget expectations

10 Oct 2024  |  www.privateproperty.co.za
Finance Minister Enoch Godongwana faces the challenge of presenting a budget that meets the expectations of citizens and the business community. Key expectations include a pro-growth budget to stimulate economic growth, measures to stabilize Eskom and the energy supply, and investment in infrastructure. The property market seeks interest rate reductions, tax breaks for solar energy solutions, and adjustments to transfer duty to boost sales. The article highlights the potential economic benefits of supporting the property market, as seen during the low interest rate period of 2020-2022.

Local is lekker, property and neighbourhood benefits of small businesses

09 Oct 2024  |  www.privateproperty.co.za
Small businesses in South Africa are increasingly seen as vital for economic growth and job creation, with a focus on hyper-local enterprises that enhance community trust and property desirability. The Seeff Property Group notes that these businesses not only provide convenience and lifestyle benefits but also contribute to the regeneration of neighborhoods, boosting property values. They create local jobs, reduce traffic, and often focus on sustainability, promoting organic and environmentally conscious products. The concept of 'local is lekker' underscores the importance of community-driven business initiatives in enhancing neighborhood appeal.

Demand-supply rate improves in all three commercial property classes

09 Oct 2024  |  www.privateproperty.co.za
The latest Property Insights report by John Loos from FNB Commercial Property Finance highlights an improvement in the demand-supply balance across all three commercial property classes, with industrial property showing the strongest demand. The report indicates that demand significantly exceeds supply in the industrial market, while retail and office markets face oversupply challenges. The Western Cape region shows the strongest demand-supply balance, while Gauteng's Greater Johannesburg region is the weakest. The report anticipates potential challenges in 2023 due to economic slowdown, interest rate hikes, and ongoing electricity issues in South Africa.

PPRA extends the PDE deadline to 30 June 2023

08 Oct 2024  |  www.privateproperty.co.za
The Property Practitioners Regulatory Authority (PPRA) has extended the deadline for property practitioners to comply with professional development education (PDE) requirements to 30 June 2023. This decision follows requests from practitioners and representative bodies due to delays in issuing qualification certificates by the Services Sector Education and Training Authority (SSETA). The PPRA encourages non-compliant practitioners to utilize the Recognition of Prior Learning (RPL) program to meet compliance standards. Failure to obtain or maintain fidelity fund certificates (FFCs) will prevent practitioners from conducting business in the property industry.

Estate accreditation fees are illegal

04 Oct 2024  |  www.privateproperty.co.za
The Property Practitioners Regulatory Authority (PPRA) has declared estate accreditation fees illegal under the Property Practitioners Act of 2019 and its 2022 regulations. Thato Ramaili, acting chief executive of the PPRA, emphasizes that these fees are considered regressive and anti-transformative, urging property practitioners to adhere to the law. The PPRA encourages reporting of non-compliance to promote inclusivity and transformation in the property sector.

How to select your property practitioner- a checklist

24 Sep 2024  |  www.privateproperty.co.za
With approximately 50,000 property practitioners registered in South Africa, selecting the right agent is crucial for a successful property sale. Key considerations include ensuring the agent's qualifications, seeking referrals, testing communication responsiveness, and asking pertinent questions about their experience, sales record, marketing strategies, and commission. The agent should have a broad knowledge of both local and macroeconomic factors affecting the property market and be able to provide relevant neighborhood information. An emotional connection with the agent can help alleviate stress during the sale process, although the relationship is primarily a business one.

5 considerations before signing a property rental lease

07 Sep 2024  |  www.privateproperty.co.za
Tenants often feel pressured to sign rental property lease agreements quickly, especially in high-demand areas like the Western Cape. Michelle Dickens, CEO at PayProp, advises tenants to consider five key factors before signing: documenting all agreements in writing, getting to know the property agent, visiting the property multiple times, carefully documenting the property's condition, and understanding any additional charges. These steps help ensure a smooth rental experience and avoid future misunderstandings.
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