Business Day Home Front 10 April 2015

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FRIDAY, APRIL 10 2015

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IMPROVING OUR URBAN SPACES

SOWETO’S NEW CONCEPT RESTAURANT

TRANSFER DUTY REVISITED

INVESTING: DUBAI VS LONDON

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Who’s hungry?

A few years ago acquiring a bond — a 100% bond at that — was difficult, but for the past two years things have slowly been changing and the major banks seem to have developed a healthier appetite for lending

bout 85% of all property requires some form of mortgage provision, and according to industry players many banks have begun to relax some of their more stringent bond loan criteria.

However, banks cannot ignore the anticipated interest rate increases later in the year as well as the rise in the cost of living, something homebuyers in the sub-R1.5m price bracket are extremely sensitive to.

“Where there is an expectation that we are in an increasing interest rate cycle, banks generally build an interest rate ‘buffer’ into their home loan affordability calculation to ensure that the borrower will be able to absorb future interest rate increases,” says Rhys Dyer, CEO of bond originator Ooba.

Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, agrees that it would be imprudent for banks not to worry about the possibility of interest rate increases, the high cost of living and the weakness of the economy as a whole, but he doesn’t expect the demand for housing to slow in the medium term.

“This means there will be demand for bonds, and banks will want the business,” he says, noting that stricter vetting processes may be applied to secure their investments. “But they will continue to grant bonds to applicants who qualify.”

WORDS: DAVID A STEYNBERG :: PHOTOS: SUPPLIED

CONTINUED ON PAGE 6

Beverley, Sandton

Asking R12.5 million

Highly profitable, exclusive guest lodge for sale - conveniently situated with 10 individually styled luxury en-suite rooms, shady patio overlooking the manicured lawns, pool and tennis court. Contact: Sally 082 451 3111, Marilyn 083 415 8909 Office: 011 467 1031 Web ref: 797529 Each office is independently owned and operated

Fresnaye, Cape Town

Price on Application

Designed by a renowned architect, this ±2500m² masterpiece is a sight to behold. Every inch of this 4 bed, 6 bath dream home exhibits attention to fine detail and composition.

Special features include professional size gym, Olive tree garden, water features throughout.

Contact: Tanya Joubert 082 553 4549 Fran Segal 084 983 5278 Web ref: 1151602

www.sothebysrealty.co.za

Hout Bay, Cape Town

Asking R17 million

Modern masterpiece with mountain and sea views! Double volume entrance hall leading to an expansive entertainer’s patio, 4 reception rooms, 9 beds, 8 baths, modern European kitchen, state-of-the-art security. 2 Bedroomed cottage. 3 garages.

Contact: Ursula Heppner 083 457 5288 / Terri Steyn 082 777 0748 Web ref: 1036225

LIFESTYLE

April 10 2015

LIFESTYLE

Change makers Endemic to urban centres the world over are grave social and economic difficulties. In SA, add to these our historical context, and our cities present rather distinctive and interesting challenges WORDS: GENEVIEVE PUTTER :: PHOTOGRAPHS: LISA BURNELL, SUPPLIED

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f you think of a city as a living, breathing organism, where the urban landscape of buildings, suburbs and civic infrastructure are the organs, and people, the cells; where social and economic ills are the result of ingrained bad habits and choices, external toxic forces and undesirable historic predispositions; then the impetus to facilitate change from within the urban plasma has never been more imperative than now. But as these three individuals, and the organisations they represent, show, it is also utterly doable.

Melanie Burke, founding member and chairwoman, StreetSmart SA TELL US ABOUT STREETSMART. A local adaptation of a UK programme, StreetSmart SA was set up in 2005 by a group of concerned Capetonians, under the patronage of Archbishop Emeritus Desmond Tutu. The impact we’ve had in the past 10 years can be seen our providing an additional income stream to support our beneficiary organisations, which have a direct and positive impact on the lives of street children, mainly in urban areas. There are 90 restaurants signed up, most of which are in Cape Town and Johannesburg, where diners are given the option to add R5 to their bill, or more if they choose to. Last year alone the restaurants collectively raised more than

R1m for our beneficiary programmes, including job creation, skills and vocational training and provisions for social workers and auxiliary social workers, in order to assist with family reunification and statutory interventions.

WHAT HAS BEEN THE BIGGEST CHALLENGE SINCE THE NPO LAUNCHED? There was some initial resistance from restaurants that said their diners were too posh to be asked to donate.

One of the ways we addressed this was to share with them the fact that StreetSmart restaurants range from Myoga and Savoy Cabbage in Cape Town to the Saxon Five Hundred and DW Eleven-13 in Johannesburg and Cafe

Oppi Stoep in Swellendam. It is about making a difference in the life of a child simply by choosing where to dine.

We also support StreetSmart restaurants by educating the public through the Responsible Restaurant

guide, which features all StreetSmart restaurants.

There is an opportunity is to sign up more restaurants to the StreetSmart SA network, and we are putting a lot of energy into this. streetsmartsa.org.za

“Our biggest goal is to have a StreetSmart chapter in every city throughout SA, to enable local communities to help the vulnerable children on their streets in a responsible and sustainable way” Melanie Burke, founding member and chairwoman, StreetSmart SA

“We want to help local government establish a system by which communities are enabled to hold Open Streets days regularly.

We want Open Streets to stop being an event and become part of the fabric of the city” Marcela Guerrero Casas, Founder, Open Streets

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LIFESTYLE April 10 2015

Marcela Guerrero Casas, founder, Open Streets DESCRIBE OPEN STREETS… Open Streets is about connecting communities and people. Cape Town is a divided city, and this shows how we can start bridging that divide. It will not solve the challenges we face as a city overnight, but it can bring people together.

WHAT’S THE INSPIRATION BEHIND THE INITIATIVE? It is inspired by the weekly Ciclovía programme in Bogotá, Colombia, my hometown, where 120km of street gets turned into a carfree zone from 7am to 2pm every Sunday. After 41 years, the programme has been so successful that it is not only the largest recreational programme in the country, but has also been adopted by more than 400 cities around the world. In late 2012 a group of volunteers and I set out to test the concept in Cape Town and since then there have been five events.

There is a common desire to use streets as platforms

for cultural and artistic expression, partly because of the insufficient opportunities to showcase the city’s wealth of local artistic talent.

HOW DIFFICULT IS IT TO CLOSE OFF A MAIN STREET IN CAPE TOWN? Effecting a road closure is highly complex in this city.

The permit requirements are onerous, which ultimately means creating Open Streets is expensive. We have been able to secure the support of the City of Cape Town, but we need to figure out a financial model that makes the programme sustainable over time. In addition to finding sponsors and partners, we see policy change as a big part of this process. We want to help local government establish a system by which communities are enabled to hold Open Streets days regularly. We want Open Streets to stop being an event and become part of the fabric of the city. openstreets.co.za

Andrew Wheeldon, co-founder, Freedom Ride WHAT ARE FREEDOM RIDES? The idea is to use the power of the bicycle to link communities by creating cycling events a few times a year in both Joburg and Cape Town that celebrate the life of Nelson Mandela and his legacy. We decided on a 27km distance to reflect his years in jail and as a distance that is manageable by most people. It is also long enough to reach a wide range of different communities.

The vision is to encourage more people to start commuting by bicycle, so there is an emphasis on new social cyclists, as well as to create the environment in which people can see new parts of their city, engage with new communities and make friends, thereby breaking down the barriers between townships and elite residential areas. The bicycle is a perfect vehicle to do this, in that it is a low-cost, highly efficient mode of transport.

Many trips can be done by bicycle, and international studies show that all

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trips shorter than 12km in urban environments are most efficient when the bicycle is used.

URBAN CENTRES IN SA ARE STILL HEAVILY CAR-RELIANT. HOW CAN THIS BE SHIFTED? Legislative changes to support cycling are important, as are incentives by business owners to get their employees onto bikes, such as tax and salary incentives as well as implementing bike parking and shower facilities in the workplace.

Behaviourally, people in urban areas are inherently lazy and will always take the easy path that requires less physical effort even if it costs far more and takes longer.

Walking and cycling, even short distances, takes effort, yet commuting this way makes a city more efficient by reducing traffic congestion, has tremendous health benefits, reduces pollution levels and allows social connections to be made — on a bicycle, we meet as one.

If a city can communicate

these benefits and provide efficient, easy and suitable infrastructure, such as safe and practical bike lanes, then we’ll start seeing a change where cycling becomes normal and mainstream. freedomride.co.za

“Portland, Rio de Janeiro, Melbourne, Bogotá, Curitiba, New York City and Copenhagen have all have made significant changes from a car-dominant city to one which is now bicycle-andpublic-transit orientated” Andrew Wheeldon, co-founder, Freedom Ride

ADVERTISING SALES Michèle Jones Sarah Steadman Yvonne Botha Susan Erwee Bradley Sparks Jackie Maritz

michele.jones@pamedia.co.za sarah.steadman@pamedia.co.za yvonne.botha@pamedia.co.za susan.erwee@pamedia.co.za bradley.sparks@pamedia.co.za jackie.maritz@pamedia.co.za

084 246 8105 (Sales & Marketing Manager) 082 334 4367 JHB (Property) 082 563 6685 JHB (Lifestyle) 083 556 9848 (Western Cape) 073 666 3842 (KwaZulu-Natal) 078 133 5211 (Garden Route)

An International Associate of Savills

BLAIR ATHOLL GAUTENG R35 MILLION A magnificent residence overlooking rolling hills, set in the freedom of country life. An entertainer’s delight. The essence of great design lies in simplicity.

Bedrooms 4 | Bathrooms 4 | Garages 5 Jo Lotter 083 297 7992

WEB ACCESS FW1212454

WESTCLIFF GAUTENG R22 MILLION Circa 1930’s. A sophisticated Colonial family home set on 2 600m2 of idyllic gardens.

A superb Westcliff residence perfectly designed for entertaining on a grand scale. Ideal proportions and understated stylish interiors create breathtaking spaces.

Bedrooms 4 | Bathrooms 3 | Parking 3 Kimberly Dods 082 601 2099, Carol Truter 082 466 1045 WEB ACCESS HP1211349

GREENSTONE HILL GAUTENG R4.25 MILLION A contemporary home offering a combined open-plan dining and living area which flows into an elegant kitchen and scullery. American shutters, undercover patio, built in braai, pool and lush green garden.

Bedrooms 4 | Bathrooms 2 | Garages 2 Christa Steyn 082 774 6620

WEB ACCESS 1JE1208202

www.pamgolding.co.za | m.pamgolding.co.za

CONSTANTIA UPPER WESTERN CAPE R70 MILLION Timeless elegance and country charm combined with maximum privacy and security. The property boasts commanding uninterrupted views across the Constantia Valley to False Bay and is graced by rolling lawns, tennis court and 4 guest suites.

Bedrooms 4 | Bathrooms 4 | Garages 5 Angie Bloom 083 678 7876, Arie Kadé 083 448 0488 WEB ACCESS KW1106213

CAMPS BAY WESTERN CAPE R18.5 MILLION This solid, well-structured home is situated on the seaside of the road surrounded by magnificent mountain and sea views. Tranquillity and privacy envelope you when you enter this grown-up family haven.

Bedrooms 6 | Bathrooms 4.5 | Parking 2 Barbara Rogers 082 889 0140

WEB ACCESS BAY1212307

KOMMETJIE WESTERN CAPE R3.8 MILLION Situated in Imhoff’s Gift. Come home to this beautifully presented north-facing home set on the water’s edge. Downstairs comprises of 2 airconditioned en suite bedrooms leading out to a private garden and pool area.

Bedrooms 4 | Bathrooms 4 | Garages 2 Sandi Gildenhuys 083 409 3137

WEB ACCESS KOM1213420

INVESTMENT Friday 10 2015

Analyse it

GEFFEN ON 100%

“As a rule,” says Lew Geffen, chairman of Lew Geffen Sotheby’s International Realty, “Absa will grant 100% bonds to employed people up to about R2m, Standard Bank, up to R3m for clients and R1,5m for non-clients, Nedbank, up to R1,75m to clients, and FNB up to R2,5m to clients as well as non-clients. There are different scales for self-employed people.”

WORDS: PATRICK CAIRNS

Unsecured lending needs an overhaul

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ast month the National Credit Amendment Act came into effect in SA. It contains what many people believe are long-overdue changes to the tests lenders have to perform before granting anybody a loan.

These changes will be particularly important in the micro-lending industry, where reckless lending has been a serious problem.

Ever since an exemption to the Usury Act was granted to lenders back in 1992 there have been ongoing allegations that providers have not been strict enough about whom they lend to.

Unfortunately, this is indicative of an industry that has been too easily corruptible. It doesn’t take much to argue that the business models practised by micro-lenders in SA are exploitative, degrading and profoundly negative in their impact on the economy.

Unsecured lending was introduced as a way to make credit available to the many South Africans who could not get traditional loans. In simple terms, it was meant to allow more people into the formal market.

And this was a good concept. If people use the loans to start businesses or buy assets that appreciate or produce an income, then unsecured lending adds to the development of the economy.

However, nobody can suggest that this is what has happened in SA. Most people who take out unsecured loans do so to fund living expenses.

As a result, unsecured lending has created a massive debt problem with disastrous social and economic implications. It has not provided the uplift that SA desperately needs.

The only way to rescue the reputation of the industry is to change the way that these companies operate. As long as they are trying to make and grow profits, they are forced to try to issue more and more loans, which means becoming less and less discerning about whom they lend to. There is no other way for them to sustain their business models.

This should make it obvious that the only way unsecured lending can fulfil the role it needs to in society is for it to be run on a non-profit mandate, whereby loans are only

granted to those who can show that they have used them constructively.

There are organisations that do this in SA, and it is a concept that has worked elsewhere in the world.

In fact, Muhammad Yunus won the Nobel Prize for doing it with the Grameen Bank in Bangladesh.

One can hardly imagine any of SA’s high-street micro-lenders being in line for that prize.

CONTINUED FROM PAGE 1

Smarter lending “SA has a fast-growing middle class and we’re emerging from a period of low construction following the global economic downturn that started in 2008, so there’s a greater demand for housing right now than there is supply.

This is good business for banks,” says Geffen.

There is certainly good business to be had by the banks, but we should remember why just more than two years ago they were less inclined to lend and were strict about whom they granted finance to.

“It is especially important if we look back at the significant problem that the industry faced with distressed stock, where about 40% of properties on the market just post the 2007-08 crash were financially distressed,” says Seeff chairman Samuel Seeff. “This weighed heavily on the market for about five years, impeding normal market activity significantly.

We saw distressed properties

selling at artificially low prices versus normal trade at market prices, affecting bank valuations and subsequent mortgage granting. Banks take the last sales in a complex into account when they value a property and grant a bond, and if it is a distressed sale it affects normal trade in the complex.

“What we have seen over the past two years is a significant take-up of the distressed stock, a further contributing factor to the uptick in sales and mopping up of stock in the high-demand areas.”

All things being equal, which banks are offering 100% bonds, and in which price brackets?

Mike van Alphen, national manager of Rawson Finance, which operates in the bond origination market, says that 100% bonds are mainly approved below the R500,000 bracket. “These are priced for risk and will be granted at prime +2% to 6% bond,” he says.

Ooba’s Dyer has a different take: “All banks are offering 100% bonds to qualified homebuyers. Each bank has its own credit policy governing the maximum purchase price for approving 100% bonds, and this varies from R0 to R1.75m (most conservative policy) to between R0 and R3m (least conservative policy).”

Standard Bank and FNB seem to be the most hungry for lending, according to Van Alphen and Geffen, but only to qualifying applicants.

“The credit quality of banks’ mortgage books has improved in the past few years and is now at levels that are unsustainable once interest rates begin rising once more,” says Andrew Golding, CEO of the Pam Golding Property Group.

“Nevertheless, given that they have been stringent in terms of granting new loans, this is unlikely to be of major concern to the banks.”

Ooba data shows that the average bond being applied

for is about R825,000. Says Golding: “This has increased by just more than 6% a year in the past three years and has been slightly faster than the increase in the average price of houses sold, resulting in a gradual decline in the deposit as a percentage of purchase price. The average deposit is now back to about 14% of the purchase price, the level that prevailed prior to the global financial crisis.”

We have to welcome the growth of a more competitive spirit among the banks, but it is reassuring that this time there is no likelihood of irresponsible or reckless spending, according to Van Alphen: “The National Credit Act has put an end to that once and for all. Throughout the market there has been a reduction in unsecured loans (down by about 5%) and this is accompanied by a stronger desire from the less affluent sections of the population to become bona fide homeowners.”

Q&A with Ooba CEO Rhys Dyer are being approved?

Ooba’s latest statistics show that, on average, first-time homebuyers are putting down an 11% deposit at an average bond size of R680,000.

According to the National Credit Regulator, unsecured lending grew from R40bn in 2008 to

R172bn in 2014

What is the average bond being applied for?

Ooba’s latest statistics show that, on average, homebuyers are putting down a 14% deposit, with the average bond size at R860,000.

Has this number increased or decreased since 2008?

According to Ooba’s statistics, the average deposit required by banks in the latter half of 2008 was 20%, with an average bond size of R680,000.

“The credit quality of banks’ mortgage books has improved” Andrew Golding, CEO, Pam Golding Property Group

What is the average bond amount for which first-time homeowners

Has this increased or decreased since 2008?

Historical statistics dating back to 2008 for this indicator are not available; however, the data going back to 2011, indicates that the average deposit has increased slightly since 2011.

How much equity (deposits) are banks requiring in the R1m to R1.5m bracket?

All banks will consider approving 100% bonds to qualified homebuyers in this category.

And how about in the R1.5m to R2.5m bracket?

Certain banks will consider approving 100% bonds to qualified homebuyers in this category, whereas other banks will require a deposit that ranges between 5% and 10%.

PROPERTY Friday 10 2015

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The menu complements the beers brewed on site and includes items such as appleale-basted pork ribs and flashfried buffalo chick wings

he traditional braai is suddenly fit for restaurants. The clumsily named The Four Seasons Hotel The Westcliff launched Flames as part of its makeover, repackaging the humble braai, perhaps for a foreign audience, with gourmet flare. But as anyone familiar with the Heritage/ Braai Day shtick knows, the braai is what unites South Africans. Sometimes it’s just called shisa nyama, which has a “restaurant” tradition of its own: street-side township eateries where you buy your meat from a butcher and braai it yourself outside.

The concept has been commercialised, franchised and imported to the suburbs and malls and urban hotspots like Maboneng and Braamfontein have their hipper equivalents. But the remarkable uBuntu Kraal Brewery in Soweto’s Orlando West, home of Soweto Gold and a range of other local craft brews — remarkable, among other reasons, because co-founder and master brewer Ndumiso Madlala decided that he would set up shop in Soweto and invest in the area, contrary to all the advice he received — has taken the concept back. He has given it a gourmet spin at the Kasi Beer Garden and Cider Shack, which opened in October last year, four months after the brewery launched.

It’s always exciting when cooking born of necessity becomes the basis for experimentation. “The

inspiration behind it is that we’re sticking to craft,” says Micki Neutel, food and beverage manager at Kasi. “We want the craft to show in the food and to remain true to our roots.”

The menu complements the beers brewed on site, and includes items such as apple-ale-basted pork ribs, flash-fried buffalo chick wings and, of course, gourmet boerie rolls and burgers and combo platters, so you can share and mix and match.

Says chef Rethabile Dinala: “We like to complement the beer with our dishes, but we also like to give it that splash of craft and include beers in the recipes — in the marinades, for example.”

Kasi is close enough to Vilakazi Street to be attractive to tourists, is open till late and includes great specials, competitions (finish a kilo of gourmet boerie, some snazzy sides and a litre of beer in half and hour and R616 is yours) and live music, so it’s popular with locals too. A visit there is well combined with a cultural walk and a brewery tour.

“It’s a complete experience,” says Neutel. Perhaps it’s that the restaurant is part of the bold Ubuntu Kraal Brewery venture, or maybe it’s the wine-culture-like pairing of food and drink that heralds the beginning of something exciting, but something about Kasi goes beyond simply trying to do a posh braai for a bit of cultural tourism.

And that’s even more of an incentive to take a tour.

Soweto, on new roads and other infrastructure, several giant shopping malls, new clinics and fire stations and the Rea Vaya rapid bus transport system, not to mention a few very trendy apartment developments.

Ncube and Dubula say they also have a waiting list

of buy-to-let investors who are keen on properties in Diepkloof, Protea Glen, the Jabulani precinct around the Soweto Theatre, and Pimville, home to a University of Johannesburg campus. They are hoping that rising prices will soon prompt more new development in these areas.

As things stand, Protea Glen and its extensions have the most stock available for sale and buyers are flocking here to pay R470,000 to about R540,000 for two- and three-bedroom homes of 48-63m2 on stands of about 280m2.

RESTAURANT

Kasi goes gourmet The recently opened Kasi Beer Garden at the Ubuntu Kraal Brewery in Soweto is reinventing kasi classics with crafty gourmet flare WORDS: GRAHAM WOOD :: PHOTOS: SUPPLIED

PROPERTY

Soweto stock squeeze WORDS: MEG WILSON :: PHOTOS: CHAS EVERITT INTERNATIONAL

The property market is enjoying a surge in activity as many who left for the suburbs return

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he Soweto residential property market is booming and the only thing holding it back is a shortage of suitable stock, according to Chas Everitt International area specialists Lot Ncube and Benson Dubula.

Mike Mangena, principal of Harcourts Unlimited, says an “astounding” number of homes in the former township are changing hands as homeowners make use of the equity that has built up in their properties over the past few years to upgrade and entry-level buyers take

the opportunity to step onto the property ladder.

“Most houses in Soweto fall within the affordable range and many people who left to live in the suburbs are coming back here now that they are ready to be homeowners.

They are attracted by the neighbourliness, community spirit and ubuntu that characterises the area, as well as the service charges and property rates, which are substantially cheaper than elsewhere in the metro,” Mangena says.

Since 1994 billions of rand have been spent on

“They are attracted by the neighbourliness, community spirit and ubuntu that characterises the area, as well as the service charges and property rates, which are substantially cheaper than elsewhere in the metro” Mike Mangena, principal, Harcourts Unlimited

ADVERTISING FEATURE April 10 2015

Inspired living in Broadacres Broadway designer homes in Broadacres present luxury living at its finest, offering an incredible location and an unparalleled quality of life that you can value above all else

ADVERTISING FEATURE April 10 2015

“While Broadacres is known for its sense of community, town-meets-country lifestyle and outdoor activities, it is also one of the region’s fastest-growing investment areas” Lynn Petzer, MD, Lynn Estates

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roadway Luxury Lifestyle Clusters is an exclusive development in the tranquil, picturesque suburb of Broadacres. It offers not only comfort, security and a sought-after lifestyle, but also proximity to a wide selection of shopping centres (including Broadacres Shopping Centre, Cedar Square, Fourways Mall and Lonehill Shopping Centre), leisure activities (Dainfern Golf Estate and Montecasino), healthcare (Life Hospital), prominent schools (including

Crawford College Lonehill and Crawford Prep) and convenient access to Lanseria International Airport for frequent flyers.

“While Broadacres is known for its sense of community, town-meetscountry lifestyle and outdoor activities, it is also one of the region’s fastestgrowing investment areas,” says Lynn Petzer of Lynn Estates, marketing and sales agents for Broadway.

The development has answered the market’s evolving demands by

including bespoke modern homes that offer spaciousness and relaxed living and security in a peaceful setting.

The homes are open plan and include three or four en-suite bedrooms with balcony as well as covered terraces, a private pool with deck, gardens and optional staff accommodation. Sleek kitchens with modern finishes and quality contemporary interior detailing set the stage for a luxurious lifestyle.

The thoughtful design of these homes emphasises the seamless indoor-outdoor

GET IN TOUCH

Lynn Estates 083-655-5539 info@lynnestates.co.za www.lynnestates.co.za

flow throughout all living areas, making for a laidback atmosphere you can appreciate and call your own.

“There is space for relaxing, entertaining and lounging around the pool,” says Petzer. “These are homes made for living in, providing comfort and a real sense of belonging while meeting the lifestyle demands of modern families and couples.”

Lynn Estates has 26 years’ experience specialising in the marketing of prime developments in and around

Sandton. Not only has it played a central role in the evolving Sandton skyline, with landmark projects such as the Michelangelo Towers, the Raphael Penthouse Suites and Sandton Skye, but it has also been central to the transformation of the residential lifestyle of many of the suburban areas beyond by offering luxury family living.

The option of a bespoke interior design service is offered exclusively by Jayd Designs, a subsidiary of Lynn Estates. Broadway is being developed by Interbond.

BROADWAY FEATURES 33 lifestyle clusters Secure estate Three- or four-bedroom (en-suite) designer homes from R2.795m Quality finishes Private garden with pool Optional staff accommodation Easy access to shopping and entertainment centres, prominent schools and businesses Developed by Interbond

INVESTIGATIVE April 10 2015

Transfer duty conundrum

The finance ministry’s recent reduction in transfer duty has been welcomed by the lower to middle ranks of prospective buyers, but does it make a new build more appealing than buying a second-hand home?

WORDS: ANNE SCHAUFFER :: IMAGES: ISTOCK

“We might see more investors looking to acquire multiple properties under R2m as opposed to investing in the upper end where costs are now so much higher” Carol Reynolds, Pam Golding Properties Durban, Durban North and La Lucia

INVESTIGATIVE April 10 2015

“This increase in sales volume in the lower market could put pressure on landlords in the rental market as more people opt to buy than rent. Landlords will need to be competitive in their pricing” Jonathan Davies, Pam Golding Properties Hyde Park

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here’s little doubt the government wants to assist those on the bottom and middle rungs of the property ladder, and it has done just that by moving the goalposts in their favour: zero transfer duty up to the R750,000 ceiling, and 3% of the value thereafter, up to R1.25m.

More than 50% of bond applications to bond originator Ooba are submitted by first-time buyers purchasing at an average price of R850,000. Moving up from there to the R2.2m mark, estimates suggest that this band of buyers accounts for

at least another 30% to 40% of the buying market. Reduced transfer duty certainly affects a significant proportion of South Africans. As Myles Wakefield, CEO of Wakefields Real Estate, says: “It’s the ‘Robin Hood’ factor, because the increase in transfer duty at the upper end of the market is taking up that financial deficit that the government will feel at the lower to middle end.”

But what are the other factors which come into play with the lowered (and raised) transfer duty at each end of the spectrum, and are they potentially good news for builders,

developers, those wanting to build and investors?

The jury is largely out on whether there will be any real impact on these elements of the market, although Jonathan Davies, joint area manager for Pam Golding Properties Hyde Park, believes that “increased activity in any given market generally causes a ripple effect throughout the entire market”.

When it comes to the building industry, Samuel Seeff, chairman of Seeff Properties, had this to say: “Considering that on a R5m purchase the buyer will now need an additional R70,500,

the initial reaction is likely to be one where buyers above the R2.35m price mark think twice about whether they want to move, or rather stay put and renovate or rebuild.

“While this may prove a boon to the construction industry, we believe that, in time, the market will absorb this transfer duty shock and settle, especially in strong areas such as the Atlantic Seaboard, Southern Suburbs and Sandton, where property values remain strong and on a growth path despite the economic depression. The cost of a new build or renovation is still higher than the cost of

second-hand homes and, in the end, the cost of renovating or rebuilding may well still outweigh the cost of moving.

We don’t believe this will create a massive swing to benefit construction.”

Looking at the somewhat beleaguered residential building industry of the past few years, Wakefield sees a little reflected light for the industry: “Before the new transfer duty figures, it was a given that a second-hand home cost about 30% less than a new build. The new transfer duties are certainly not going to turn everything on its head, but they makes building in that upper bracket slightly more appealing. If you buy a piece of land for R1.5m, you’ll be paying the lowered transfer duties on that. Then you pay the builder for a R3.5m build. The alternative is to pay the increased transfer duties on the full R5m you’ve spent on an older property — the higher the price you pay, the steeper those fees. Bottom line, the new transfer duty narrows the gap between a new build and an existing one.”

The government is trying to help not only first-time homebuyers, but also those in the middle sector. As Wakefield says: “They don’t want South Africans to rent; they want them to own their own homes and build wealth that way. Low interest rates and now reduced transfer duties will further narrow that cost differential between renting and buying, namely, paying rent or paying a bond.”

Carol Reynolds, area principal of Pam Golding Properties in Durban, Durban North and La Lucia, believes “the decrease in transfer duty at the lower end of the market will certainly open up an opportunity for some tenants to enter the market as buyers”. But, she says, “the heavy fees at the upper end are unlikely to have a significant impact on the rental market, as buyers in this category generally only rent for short periods while they are in transition”.

Says Davies: “Although it won’t directly affect the top end of the market, its impact will be felt across most tiers of property. Transfer duty cost is often a hindrance to purchasing a home, as it relies on the purchaser providing a substantial amount of money up front.

This upfront payment is often the difference between a rental decision and a sale.

Those who can’t quite afford to purchase often opt for a rental until such time as their cash reserves have grown and they are able to cover the acquisition costs of property ownership.

“The increased threshold of transfer duty will allow those who were perhaps borderline to now acquire property, which should increase activity in the lower-priced markets.

“Considering that on a R5m purchase, the buyer will now need an additional R70,500, the initial reaction is likely to be one where buyers above the R2.35m price mark think twice about whether they want to move, or rather stay put and renovate or rebuild” Samuel Seeff, Seeff Properties I would expect the demand for lower-priced property to increase and with that should come growth. This increase in sales volume in the lower market could put pressure on landlords in the rental market as more people opt to buy than rent.

Landlords will need to be competitive in their pricing.”

How do these lowered transfer duties affect investors? With property in the middle sector that bit more affordable and significant stock shortages leading to high demand from buyers and renters, is it an attractive proposition for investors?

Will competition intensify even further in this sector?

Reynolds feels that, on the whole, the impact will not be significant, except that investor activity may change slightly: “We might see more investors looking to acquire multiple properties under R2m, as opposed to investing in the upper end where costs are now so much higher.”

Wakefield says: “Investors are also positively affected by the easing up of the 100% bonds from banks, because many investors prefer to keep their equity out of the property to make their return on investment higher.

“Arguably, the more cash you put into something, the more you ‘de-risk’ the project, but your returns aren’t as high because you’re tying up funds.

Property investors are on the increase — they like the fact that, apart from house/flat prices increasing steadily as they are, particularly in this sector — the shortage of stock means it’s rare to have a vacant property, and they get inflationary increases in rentals.”

Davies, like most in the industry, believes there are unlikely to be any dramatic changes: “The market always responds slowly, and the measurable difference is not immediately noticed.

I would see all of this as more of a trend over time.”

INTERNATIONAL April 10 2015

The Dubai-London equation Despite being vastly different markets, Dubai and London share certain similarities, such as exceptional post-2008 growth and returns that beat the highs of 2007 WORDS: ANNA-MARIE SMITH :: PHOTOS: ISTOCK, SUPPLIED

DUBAI MARINA.

AKOYA VILLA, BY DAMAC

THE AKOYA OXYGEN DEVELOPMENT.

I

nternational investors with an appetite for exceptional returns also show a tolerance for competitive markets, despite varying tax regulations, fluctuating currencies and the price of oil.

Low interest and levelling inflation rates that create a competitive environment saw London listed in second place to Hong Kong last year as the world’s richest real estate investment hot spot, and Dubai listed as the top-rated global investment destination for second-home purchases. British investors are listed in third position of overall foreign real estate investment in Dubai, outdone

by Indians in first place and Pakistanis in second place.

Growth in London property prices reported by CBRE Residential Research shows a 10% increase in average prices in prime locations that in the past three years have reached 36% higher than their 2007 peak of £307,000.

The report shows estimated price growth of 7% for this year, while cumulative growth is predicted to reach 35% by 2018. Nationwide chief economist Robert Gardner said: “London remained the strongest-performing UK region, with average prices up 12.7% year on year, although annual house price growth has slowed noticeably compared

with recent quarters, with growth down from 17.8% in Q4 2014. At £408,780, average prices are now 36% above their 2007 peak.”

Looking across to the United Arab Emirates, investors who have returned to Dubai since the crash of 2008 are participating in a prime second-home buyers’ market.

Niall McLoughlin, group senior vice-president at property development company Damac, says: “Dubai is one of the bestperforming investment markets anywhere, with the Global Property Report recently confirming it as ‘the hottest real estate market in the world’. According to the report, prices increased 23.73% in the past year as Dubai again became one of the most attractive and safest real estate investment markets anywhere.”

Supply and demand continue as the main drivers of market activity and price

growth at the top, where stock shortages are further impacted by land shortages (Dubai) and slow construction (London). Varying tax policies that affect ease of investment for foreign buyers to Dubai stand in stark contrast to the punitive measures in the UK. Growth in Dubai’s real estate sector as a global competitor is directly linked to the luxury of tax-free investing. The exemption from income tax requires that international investors qualify by spending 183 days in the country and pay a 1.5% land registration fee for freehold title deeds and yearly municipal taxes.

Current and future measures in the UK, such as the introduction of stamp duty last year, are being implemented to discourage global buyers from flooding that market.

The appetite for foreign investment of the savvy world elite continues, said Jennet Siebrits, head of residential

“Dubai is one of the best-performing investment markets anywhere, with the Global Property Report recently confirming it as ‘the hottest real estate market in the world’” Niall McLoughlin, group senior vice-president, Damac

INTERNATIONAL April 10 2015

research at CBRE. “UK buyers are increasingly active in overseas markets, and the most popular locations with wealthy expats include Hong Kong and Dubai.”

CBRE’s latest research investigated the implications of the UK’s leading parties’ proposed implementation of a yearly mansion tax of £3,000 on high-value residential properties worth between £2m and £3m. This would take place after the May elections. Siebrits said significant tax payments of as much as £25,000 a year would require extensive work to be done on complex issues, including overall design, valuations and tax collections.

Wealthy foreign investors who are attracted by trendy addresses in world-leading cities enjoy exposure to London and Dubai as central locations associated with the upward growth of international financial hubs within Europe and the UAE. A recent poll conducted to establish the most desirable locations of a London penthouse recorded demand for Mayfair and Camden at 14.3% and equal results of 28.6% each for the city of London, Covent Garden and Fitzrovia, where a three-bedroom penthouse in Fitzroy Place is priced at £14m. Buyers in the UAE who

VIEW ALONG THE THAMES, LONDON.

Dubai rising — again The price of property in Dubai may not be as expensive as it was before the 2008 crash, but dramatic increases have affected the demand for homes in a city that rose from the desert

NEW BOND STREET, MAYFAIR, LONDON.

“UK buyers are increasingly active in overseas markets, and the most popular locations with wealthy expats include Hong Kong and Dubai” Jennet Siebrits, head of residential research, CBRE

favour the central positions of downtown Dubai and Dubai Marina spend vast amounts on quality builds and magnificent views. A luxury penthouse located on the 59th floor of the Emirates Crown, with 180-degree views, is on the market for 28-million (about R90m) Emirati dirham.

Population growth has an impact on demand too, with high-end luxury property in Dubai expanding the fastest. Says McLoughlin: “The population is sitting at just over 2.3-million people, a figure that is expected to grow at a rate of 5% a year or, in simple terms, an additional 115,000 residents in Dubai in 2015, all of whom will need a place to live.”

He says growth in tourism is promising, as Dubai is set to add, on average, 2-million more tourists a year in the lead-up to 2020.

International investors can look forward to high levels of confidence in the Dubai real estate market as new regulations, strong government backing and an ideal geographical link between East and West come into play. “The emirate is set within a secure, peaceful and thriving entrepreneurial environment, with prospects of substantial growth over many years to come.”

WORDS: LEA JACOBS :: PHOTO: ISTOCK

T

Developers still seem determined to build the biggest, and arguably the most extravagant, buildings the world has ever seen

hings may be cooling off on the Dubai property scene, but this doesn’t mean that developers in the country have hit the brakes.

The most populous city in the United Arab Emirates has made a remarkable comeback since the global recession knocked the stuffing out of the property market and bankrupted a number of well-heeled developers.

The comeback was nothing short of spectacular, and it was reported in 2013 that prices had risen by about 52%, fuelling fears of another collapse. However, recent reports indicate that regulations introduced by the government (including tighter bond-granting criteria and higher transaction taxes) and buyers’ unwillingness to pay exorbitant prices have slowed things down.

Last year it was noted that the price of residential property had risen by a far more respectable 8%.

Interestingly, the slowdown has not affected developers’ decision to cut back on construction, and it is estimated that about 19,000 units will be completed in 2015 and about 55,000 new units will have been built by 2017.

So, who is investing? A recent report (March 29 2015) in the Economic Times noted that, in terms of value and

volumes, Indians are now the largest non-Arab investors, having pumped some 44-billion Emirati dirham (roughly R146bn) into Dubai’s property market over the past three years because real estate is reportedly cheaper there than in major Indian cities.

That said, property, although far less expensive than it was at the height of the boom, is still pricey and this has had an effect on affordability for those who live in Dubai and for companies that want to house employees in the region.

Fortunately, the glut of investors has seemingly not gone to the developers’ heads. They understand that a more stable market is necessary if the city is to continue attracting significant foreign investment. Unlike the previous boom, where investors could virtually double their money in months by putting down a small deposit (more often than not, in the region of 10%) and selling long before the first brick was laid, some developers have now barred sales of units not yet built, thereby completely stomping out the practice of flipping by would-be speculators.

It will be interesting to see whether the government has done enough to curb the risk of another property bubble in a city that once utilised 80% of the world’s cranes. Developers still seem determined to build the biggest, and arguably the most extravagant, buildings the world has ever seen. The Aladdin City project, for example, will boast three magnificent genie-lampshaped towers that will include residential and commercial space. And the Nakheel Mall will house a shopping mall with 200 shops and a rooftop plaza with 12 fine-dining restaurants. These are just two of the projects that will soon be changing the Dubai skyline.

NEWS April 10 2015

New Johannesburg suburbs open to first-timers

Newlands a seller’s suburb “Demand exceeds supply and buyers are paying almost full price and more”

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ewlands in Cape Town is showing increased favour by family buyers. Lightstone data shows about 60% of recent sales were to under-40s.

Barbara van der Westhuyzen and Vanessa Clerke, Seeff’s agents for the area, say demand now exceeds supply and buyers are paying almost full price and more.

The suburb, home to about 1,660 freehold and 749 sectional title homes, realises prices from about R2.5m for a two-bedroom flat to R3.5m for a small house. Family homes with swimming pools start at R5m.

Propstats data reveals that in the past year 125 property sales netted just less than R673m at an average price of R5.4m.

Bedfordview in the luxury league

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edfordview’s reputation as Ekurhuleni’s area of choice for wealthy professionals, executives and entrepreneurs continues to grow as an increasing number of ultra-luxury properties in the upmarket enclave sell for R9m and more. This is according to Nicholas Kempen, owner of the Harcourts franchise in Bedfordview.

“The local real estate market has shown consistent growth over the past 24 months in which the average price for freestanding homes here has increased by about 4% to just over R3.2m,” he says.

“While this may seem low compared with the national average house price growth of 6.8%, in Bedfordview we are not dealing with your average South African home, so the increase has come off a much higher base.”

Many of the ultra-luxury properties breaking the R9m barrier offer 700m2 to 1,000m2 under roof, the latest home technologies, exceptional finishes and cutting-edge design.

“The average price for freestanding homes here increased by about 4% to just over R3.2m” Nicholas Kempen, franchise owner, Harcourts Bedfordview

Western Cape property rentals robust

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he most recent TPN Rental Payment Monitor reveals that 86% of South African tenants were in good standing in 2014. “The Western Cape continues to be the province with the most tenants in good standing, coming in at 89%,” says Shaun Groves, newly appointed national rental manager at Jawitz Properties.

The most volatility is found at the lower and top ends of the rental market, where landlords need to be cautious when taking on new tenants.

While the average monthly rental in the Western Cape is just less than R6,000,

according to TPN, entry level on the Atlantic Seaboard is between R6,500 and R7,000 a month for a bachelor apartment. “The average in the area is between R10,000 and R20,000 for a one- or twobedroom apartment,” Groves says, noting rentals in the City Bowl are on a par with the Atlantic Seaboard.

In the Southern Suburbs rental options for a bachelor apartment can range from R2,800 to R3,300 a month, a one-bedroom about R4,000, two-bedrooms from R5,800 to R6,500 and three-bedrooms upwards of R7,500.

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inance Minister Nhlanhla Nene’s announcement on the rise in the transfer duty threshold from R600,000 to R750,000 has opened the door to home ownership for many more first-time buyers.

“The change means that homebuyers don’t have to pay any transfer duty on pre-owned properties priced at R750,000 or less, and that represents a substantial saving for first-time buyers who generally need to have enough cash to cover a deposit of at least 10% of the purchase price as well as bond registration and legal costs,” says Tony Clarke, MD of Rawson Property Group.

The adjustment has expanded the horizons of first-time buyers and has

empowered them to look for homes in many suburbs where they previously felt shut out, he says. In Gauteng, these include Ridgeway, Winchester Hills and Suideroord to the south of the CBD, Auckland Park and Westdene to the west of the CBD and Kensington to the east of the CBD.

“The adjustment has empowered them to look for homes in many suburbs where they previously felt shut out” Tony Clarke, MD, Rawson Property Group

Mega development launches in PE

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he Amdec Group is transforming an undeveloped swath of land in Port Elizabeth into a new “town-meets country” neighbourhood called Westbrook. Situated on a

main arterial route north of the Old Cape Road and close to the recently developed Baywest Mall, the R7bn development will transform a formerly derelict and isolated 128ha pocket of the city.

What stock shortage?

S

ales figures can be interpreted in different ways, and this is especially true on the subject of the “stock shortages” which many agents now list as their most serious problem. This is according to Wayne Albutt, Rawson Property Group’s regional sales manager for the Western Cape.

He says that in January the Rawson Property Group sold 33% more housing units than in January 2014 at a resultant value of 50% more.

In February the comparative figures were up 38% on unit sales and 57% in value.

“Looking at big increases of this kind it is very easy to conclude that the estate agency sector is bound to be seriously held back by stock shortages, and certain agents have used this as an explanation for falling behind the targets set by them,” Albutt says, noting that the number of units sold continues to increase week by week and as yet has shown no sign of tapering off. “The serious ‘stock shortages’ so often mentioned cannot be that serious if an agency can improve its monthly unit sales by 30%-plus.”

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Chapter 8

Chapter 8

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Home loan Home loan application process

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CONTENT MARKETING / CUSTOM MAGAZINES / ONLINE STRATEGY / DISTRIBUTION Y

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MAKE Home loan Chapter 8 Chapter 8

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