No quick fix for SA’s Budget, but there’s some hope….

Wednesday, 20 February 2019 19:52

Eskom reconfiguration set in motion

Work is afoot on reconfiguring the South African electricity sector by addressing challenges faced by Eskom, with the board of the first subsidiary of the power utility to be appointed by mid-2019, Treasury said on Wednesday.

Wednesday, 20 February 2019 19:17

Property insights- Budget week

Minister Tito Mboweni’s 1st Budget is likely to be a “tough” budget, with economic weakness constraining revenues along with a seemingly endless list of urgent spending priorities, some bordering on crises, giving him little room to manoeuvre.

Due to a shortage in capacity, Eskom is implementing stage three rotational load shedding from 8am and it is likely to continue until 11pm today.

Reacting to the President’s address, Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty, said South Africa was the living embodiment of the “good news, bad news” paradigm.

Gerhard Kotzé, MD of the RealNet estate agency group, says the SONA highlighted several initiatives and projects that could be positive for the property sector going forward.

Rudi Botha, CEO of SA’s leading bond originator BetterBond, says the SONA was very wide ranging and covered a huge number of initiatives, but that there were definitely some highlights for the real estate market.

Berry Everitt, CEO of the Chas Everitt International property group, says that the very detailed State of the Nation Address dealt with all of the economic and social issues that are currently of concern to the real estate industry, including the need to rebuild investor and consumer confidence in SA, stimulate economic growth, accelerate job creation and eliminate widespread corruption.

“South Africa’s residential market is in for an interesting time in 2019, but our predictions for the year are all positive, and we believe that home buyers and investors who take the plunge and buy early will be well-rewarded.”

Today’s October CPI (Consumer Price Index) showed a slight acceleration in its year-on-year inflation rate, from 4.9% in the previous month to 5.1%.

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