Real Estate Investor Magazine South Africa August 2016 | Page 8

PROPERTY NEWS

PROPERTY NEWS

The
Good
The
Bad
The Ugly
Cape Town named 10th best city in the world to travel to

C ape Town has been named the 10th best city in the world to travel to , and the best in Africa and the Middle East , in the Travel & Leisure 2016 World ’ s Best Cities awards .

Cape Town shone at a ceremony in New York on Wednesday night , where it was voted the top city on the continent and in the top 10 best cities in the world . The US city of Charleston , in South Carolina , placed first .
Garreth Bloor , the mayco member for Tourism , Events and Economic Development , was thrilled with the accolade . “ I am deeply honoured and extremely proud that Cape Town was voted number 1 in the category ‘ Top Cities in Africa and the Middle East ’ in the Travel and Leisure 2016 World ’ s Best Awards ,” Bloor said .
“ Those of us who live in Cape Town tend to take the natural beauty of our city for granted . Such accolades make us appreciate our awesome surroundings once again . It is indeed humbling for all residents .” He said that with Cape Town becoming a hot destination for people wanting to work , live and recreate in beautiful surroundings , the city needed to cater to the rapid population growth .“ While we pride ourselves in being a well-run city , we still have work to do ,” Bloor said . “ Cape Town has been one of the fastest growing cities in South Africa .
Housing survey points to weakening property market

Examining the second quarter 2016 FNB Estate Agent Survey results for residential market activity and demand perceptions of agents , it would appear that the second quarter once again points to housing market and possibly economic weakening coming .

This comes after a mild strengthening in the first quarter results , and it was that first quarter improvement that may have been reflected in mildly faster national average house price growth in the second quarter of this year .
The South African component of the FNB Estate Agent Survey is a survey of a sample of estate agents predominantly in SA ’ s major metro regions . A key question asked of agents concerns their perceptions of residential market activity in their areas , a subjective question on a scale of 1 to 10 , with 10 being the strongest level of activity .
The second quarter 2016 residential activity indicator declined to 5.77 , from the previous quarter ’ s 6.39 . The cumulative decline has now become noticeable since the 6.73 high of the first quarter of 2015 .
Nature reserve destroyed ‘ for sea view ’

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Visit www . reimag . co . za for daily news updates mhlanga residents are furious about the alleged unceremonious destruction of part of a protected nature reserve just so that a home could get an unobstructed view of the sea .

They blame a couple and two body corporate chairmen for ruining “ one quarter to one third ” of the roughly 500m-long reserve , which is on the beach , just off Marine Drive , south of Umhlanga Main Beach .
The reserve has been part of a rehabilitation programme since it was severely damaged by high waters in 2009 .
Residents and hotels in the vicinity have devoted time and money to protection of the reserve .
A resident , who insisted on anonymity , told The Mercury yesterday that residents - not only those occupying their complex - were shocked by the damage .
“ We saw people chopping down trees . When we asked what they were doing , they said the body corporate told them ( to do it ).”
They said the body corporate was not allowed to do this , and that clearing of vegetation from the reserve was illegal . Both complexes share one body corporate . But The Cove ’ s chairman , Dudley Horn , told The Mercury they had acted in “ good faith ” to remove an alien vine .
6 AUGUST 2016 SA Real Estate Investor www . reimag . co . za