Andrew Stegmann

Cape properties shine amid national slump

Cape Town – The Western Cape housing market is flourishing, with its double-digit house price growth, while others have been languishing in single digits.

According to the latest Property Barometer report regarding the June FNB House Price Index, the Western Cape has been highlighted as the major region that has really “bucked the trend” in terms of average house price growth.

For the entire second quarter of 2016, the national average house price inflation rate was 7.1% year-on-year (y/y), up from 6.4% in the first quarter.

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By comparison, the Western Cape Province saw a far higher 12.1% y/y house price inflation, up further from 11.4% in the first quarter, and representing the fifth consecutive quarter of acceleration.

“The province’s hard-earned reputation as well-run, and a place with the combination of significant economic opportunity plus good lifestyle, has boosted confidence towards it amongst certain property investors, while also attracting a strong net inward migration of repeat home buyers in recent years,” explained John Loos, household and property sector strategist at FNB.

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Andrew Stegmann

‘New jet for Zuma will buy 16 Nkandlas’

Cape Town – Plans to acquire a new luxury presidential jet with an estimated price tag of R4bn is the equivalent of sixteen Nkandlas and the Gupta’s are likely to score big.

This is according to DA leader Mmusi Maimane, who dubbed, in his newsletter, the potential new jet for President Jacob Zuma as “Nkandla Air”.

“[W]e have to do everything in our power to stop the acquisition of this jet – let’s call it Nkandla Air – and all such future schemes before they get off the ground.”

Maimane said South Africa can’t afford to be buying a jet while the already ailing economy shrinks and amid soaring joblessness.

The economy contracted by 1.2% in the first quarter of 2016. There are 8.9 million unemployed adults in South Africa – 5.9 million of who are under the age of 35.

The R246m spent on Zuma’s Nkandla homestead, Maimane noted, is a picnic compared to what the government is planning to spend on Zuma’s new jet.

The president has been ordered to pay back R7.8m for non-security upgrades to his home.

“Nkandla Air is the equivalent of sixteen Nkandlas!

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Andrew Stegmann

SA shed 15 000 jobs in first three months of 2016 – Stats SA

Cape Town – In the first quarter of 2016, the formal non-agricultural sector of the South African economy shed 15 000 jobs in all sectors, except construction and community services, according to the Quarterly Employment Survey.

Employment therefore declined by 0.2% to 9.2 million people in the formal non-agricultural sector of the economy.

The Quarterly Employment Survey collects data from the mining, manufacturing, electricity and gas, construction, retail, business and community and personal services sector, and measures the level of employment and earnings per sector.

It should not be confused with the rate of employment reflected in the Quarterly Labour Force Survey.

Statistician-general Pali Lehohla released the latest figures on Monday, which showed that the largest percentage of job losses took place in the retail, hotel and restaurant sector.

In the retail trade sector, 27 000 jobs were lost, while 7 000 people were retrenched in the hotels and restaurants industry.

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Andrew Stegmann

Processing time for visas improves for Indian market

Some tour operators serving the Indian market are reporting shorter processing times on applications for South African visas, a welcome development for a market that is clawing its way back after heavy losses in recent years.

Vikram Samant of Quantum Travels responded to Tourism Update’s most recent article on the problem, noting that the SA Consulate in Mumbai is issuing visas in five, or even four days.

Renuka Natu, Head of Sales and Marketing India for SST based in Mumbai, told Tourism Update: “The SA Consulate has most certainly turned a new leaf,” said Natu, adding that services had been more efficient since the VFS SA Centre moved to another location in the city. “Agents and direct customers are happy with the turnaround time taken for the SA visa. So long as the system works well, everybody is happy and this will result in more business to the rainbow nation going forward.”

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