The Executive Property Summary

Dear {{contact.first_name}}

Welcome to our November edition of the Executive Property Summary.

As we look back over 2023, some cannot believe how quickly the year has flashed by.

For most people though, it was a very tough year indeed. With rampant inflation, high interest rate, load-shedding and a very challenging business environment.

People are struggling to get through the month and struggled to get through the year in most cases.

Debt levels are out of control with 48% of credit active consumers behind on at least some of their debt repayments.

The property market has also seen a marked slowing down.  With interest rates forcing more and more sellers to sell, while buyers are more and more aware of the value they could get for their budgets.

Property still remains the average persons biggest asset.  It can be the key to stabilizing your financial situation by using your actual house to get your financial house in order.  As ironic as that may sound.

If you are thinking of making a move in your property world and need a trusted Property Advisor, please feel free to reach out and talk to us first.  We are here to help with sound advice and guidance whether we gain financially or not.

Crime drains SA economy

Crime is costing the SA economy roughly R700 billion a year, says World bank report.  If the money spent on private security were allocated to growth it could grow the economy by an extra 1% a year.

Tough times and high interest rates are forcing many property owners to sell.

South Africans cannot afford their homes any more.

Western Cape in a Golden era as rest of South Africa lags behind.

South Africans are increasingly semi-grating to the Western Cape to experience better service delivery.

Venture Capitalist aims to solve SAs energy crisis with nuclear plants

The impact of SA's wealth exodus to offshore investments over the last 8 years.

The clampdown on Property Practitioners continues.

Property Practitioners face the possibility of getting fined and even losing their FFCs

Home co-ownership: The pros & cons

Choose your co-owner wisely!

Why owning a home is still better than renting.

“When you buy a home, each monthly repayment acts as an investment towards an appreciating asset. Paying rent, on the other hand, can only be viewed as a monthly expense and will not be adding to your future wealth.”

Chairman's Report

Industrial Landlords take note: It is a new era for property owners with Asbestos roofs. 

All the regulations state (in a nutshell) that where you do have asbestos, you need to have it looked at to determine whether it exposes anyone to a health risk, i.e. whether it has reached a stage of deterioration which requires removal, and if so, how to go about this. The bulk of the regulations are immediately applicable but right at the end, it states that regulations 3 and 22 will only come into force 18 months after publication of the regulations, which was dated 9 May 2022.

This means that as of 9 November 2023 these regulations are now law.

While the Regulations do not require us to have a new Certificate of Compliance for asbestos, once an owner has an inventory of any “asbestos in place” at any workplace or premises, this inventory must be provided to the new owner of the premises on transfer of ownership. This will be of special relevance to agents dealing with commercial and industrial property and will require a new clause to be added to the deed of sale along the following lines: The seller has established that the property has asbestos in place as per the inventory attached hereto and marked as Appendix “….”, as is required by section 4(7)(d) of the Asbestos Abatement Regulations published under Government Notice R1196 in GG 43893 of 10 November 2020.

Alternatively, where the Seller does not yet have a certificate: In the event that the property has parts made up of asbestos or asbestos-containing materials, the Seller undertakes to provide the Purchaser with an “inventory of asbestos in place” on registration of transfer, as required by section 4(7)(b) of the Asbestos Abatement Regulations published under Government Notice R1196 in GG 43893 of 10 November 2020.

On our homefront at Grove Properties, we are very excited to launch Grove Prestige!

This is our boutique offering for owners of luxury properties valued at a sales price of over R10 million and where short-term rentals are over R10 000 per night.

Our custom marketing creates exceptional exposure for the home to the high nett worth market both in SA and abroad.

We are honoured to be representing our first clients and look foward to serving your property needs too.

Yours in property.

Jacques Grove

Principal and Dreamer

Hot Projects

GROVE PROPERTIES PRESTIGE UNVEILED

DISCOVER UNPARALLED ELEGANCE AT OCEAN SERENITY VILLA IN BANTRY BAY

Explore our exquisite 3-bedroom villa, Ocean Serenity, in Bantry Bay. Enjoy privacy, high-end amenities, and breathtaking ocean views. With dedicated housekeeping, rapid-response security, and a stunning outdoor braai area, our villa offers luxurious comfort. Experience Prestige at Grove Properties, where exclusivity meets sophistication across Cape Town.

https://www.groveprestige.capetown/

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