Notably, there were three repo rate cuts by the South African Reserve Bank during the pandemic; the last in July 2020 set the prime lending rate at a record low of seven percent. Banks willing to extend relief packages if you are struggling. Pg. With a FLISP subsidy of about R61 000 (Us$3 544), a household earning about R15 000 (US$871) per month might qualify. [4] It appears the TERS relief benefit has been extended until 30 October 2020. Housing South Africa is a full service estate agency that focuses on sales in the secondary and new development markets We combine expertise in marketing and data analytics to better match buyers and sellers using technology. The Social Housing Act No. Chris Barron Q & A (with Mark Brits, senior GM of the Banking Association). Centre for Affordable Housing Finance in Africa and 71point4. Lawtons Africa. Consumer Credit Market Report. [7]  This is largely attributed to the closure of the Deeds Office over April and May 2020 as well as the cessation of real estate activity during the lockdown period. Economy Profile: South Africa. Centre for Affordable Housing Finance in Africa. At Housing South Africa, we are using our passion for Real Estate to slowly reshape the industry. 28 August 2020. National Urban Reconstruction and Housing Agency (NURCHA) Rural Housing Loan Fund. [3] The pandemic and ensuing lockdown saw the temporary suspension and then gradual reopening of business and industrial production resulting in diminished government revenues, a R70 billion International Monetary Fund loan, and government debt at 87 percent of GDP. [2] This indicates there may be growth in the market for properties of this size. Statistical Release P0318 General Household Survey 2018. During the lockdown, government imposed a suspension of all evictions, while simultaneously taking a zero-tolerance approach to land invasions. [2] The World Bank. Credit Bureau Monitor. South Africa Finance-Linked Individual Subsidy Programme (FLISP): 2018 Subsidy Tables. The regulations list three types of social housing institutions: corporate … Winde condemns land invasions as R50m housing development is lost. Its Credit Bureau Monitor captures reports of the credit bureaus in the country. (2020). Apartments vs hotels . The DHS’s ongoing policy review seeks to reinforce the shift from housing to human settlements, as envisaged in the Breaking New Ground strategy and chapter 8 of the NDP. [8] South African Government News Agency. View our Executive Apartments, Temporary Housing, Self Catering Apartments, Corporate Flats and Relocation Apartments. Read more We thank all essential sector workers, helping to contain the rate of Covid-19 infections! The reduction in the mortgage prime lending rate (to the current seven percent) is attractive to buyers who can more easily qualify for a home loan at reduced interest rates, thereby extending the market reach within the affordable housing sector. [2] Since 1994, the government has delivered over 4.7 million housing opportunities. From an investor perspective this lies in mid-priced flats and apartments. For example, at an income of R3 700 (US$215) per month a household could afford R143 171 (US$8 306). [1] South African Reserve Bank (2020). Southern African Development Community (SADC), https://naijaquest.com/largest-economies-in-africa/, https://data.worldbank.org/indicator/%20NY.GDP.MKTP.KD.ZG%20?locations=ZA, https://pmg.org.za/tabled-committee-report/4143/, https://pmg.org.za/committee-meeting/30662/, https://www.ncr.org.za/consumer-credit-market-report-ccmr, https://www.property24.com/for-sale/savanna-city/walkerville/gauteng/16142/109011915, http://housingfinanceafrica.org/documents/finance-linked-individual-subsidy-programme-flisp-2018-subsidy-tables/, http://housingfinanceafrica.org/documents/unpacking-the-potential-impact-of-the-covid-19-pandemic-on-the-south-african-economy-and-the-housing-sector/, https://housingfinanceafrica.org/app/uploads/Brueckner-South-Africa-backyarding-1.pdf.