The SA REIT (Real Estate Investment Trust) sector has published a draft second edition to its best practice recommendations for public comment.

Tuesday, 05 March 2019 22:17

GDP grows by 1.4% in the fourth quarter

South Africa’s Gross Domestic Product (GDP) soared by 1.4% in the fourth quarter of 2018, Statistics South Africa announced on Tuesday.

We believe that the 0.8% economic growth rate for 2018 as a whole was likely “property negative”, sustaining negative real growth in property values and total returns in single digits.

Africa’s leading forum on the built environment sector – the Royal Institution of Chartered Surveyors (RICS) Summit Africa 2019 – is set to be hosted in Johannesburg’s financial district of Sandton Central in May.

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.

JSE-listed diversified real estate investment trust Redefine Properties’ new 15 storey Rosebank Link has been completed on schedule with all its office space now fully let.

The SA REIT sector’s focus on improved corporate governance is expected to support positive sentiment for investment in listed property in 2019.

Although the Camps Bay market has responded predictably to the prevailing socio-economic climate with lower sales volumes across the board, it has proven more resilient than most comparable areas this year with a 1.88% increase in the average house price and a diminishing gap between asking and selling prices.

One of South Africa’s leading office and industrial real estate consultancies, Knight Frank South Africa, has rebranded to Galetti Corporate Real Estate after concluding an investment deal with black-owned private equity business, Symmetry Capital Partners.

NEPI Rockcastle updates the valuation of its property portfolio in June and December each year. Fair value is determined by external, independent professional valuers with appropriate and recognised qualifications, and recent experience in the locations and category of properties being valued.

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