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Details of half of government property leases can't be traced

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Unfortunate and unforeseen consequences often result ... even from actions that have the best intentions behind them.  South Africa has one of the very best land registration systems in the world and security of title is guaranteed.  As a result, South Africa is one of the very few countries in the world where Title Insurance is not required and is, in fact, therefore unknown here. However, over the decades, the government (and all its organs of state) has seemingly failed to keep its records updated and it eventually reached a stage where the government could not state with any certainty what land it owned.  It would therefore seem to be logical to do a reconciliation. However, the unintended consequence is that several senior examiners from the Pretoria Deeds Office have been seconded to this task.  The knock-on effect (together with some other factors) has meant that staff shortages have resulted in a backlog in registrations at the Pretoria Deeds Office of over 4,000 deeds. T

Properties deliver real price growth for the first time in nine quarters

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Properties deliver real price growth for the first time in nine quarters Property prices, after adjustment to take into account the impact of inflation, increased in the first quarter of this year after deflating for nine consecutive quarters from the fourth quarter of 2010 until the end of last year. Absa's latest quarterly housing review revealed that the growth in real house prices was driven only by the three middle segments of the housing market. Affordable housing achieved virtually no real yearon-year price growth in the first quarter, while the real price of luxury housing declined by 9.2 percent in the first three months of the year, following a 7.2 percent decline in the fourth quarter of last year. The review revealed that the price of small houses, defined as those with an area between 80m2 and 140m2, increased in real terms by 9.5 percent year on year in the first quarter, medium-sized houses (141m2 to 220m2) increased by 4.4 percent and large houses (221m2 t

More bonds being granted, but banks still strict!

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More bonds being granted, but banks still strict The average home price showed a year-on-year gain of 9% in April to R893 000, according to the latest statistics from BetterBond, South Africa's biggest mortgage originator. "This reflects the continued upward trend of prices over the past year, despite monthly fluctuations," says BetterBond CEO Rudi Botha, who notes that this growth has largely been driven by an increase in demand, as evidenced by the steady climb in the number of home loan applications being submitted each month. This number is now 9,6% higher, on average, than it was 12 months ago. "In addition, the monthly home loan approval rate now stands at 69% of those applications, compared with 61% 12 months ago, and what this means, given the higher number of applications, is that the banks are approving more bonds than they were at this time last year," he says. "Indeed, this tallies with the latest available Reserve Bank statistics, which

Denny Crane

Denny Crane
It's not me ... yet. Denny Crane from the TV series Boston Legal. Click on picture if you're not sure who he is!