Real Estate Investor Magazine South Africa October 2016 | Page 53

OFFSHORE RAYMOND HAYES JAMES & ASSOCIATES “It has been a rollercoaster of the year in the UK property market. Over half our business derives from property and we see a fair sample of it as we are involved locally, regionally and nationally. A slowdown occurred last year principally caused by George Osborne’s swingeing increases in stamp duty land tax which particularly affected London but the knock-on effects were felt here as well.” www.reimag.co.za MORRIS HOVE RESERVE BANK OF ZIMBABWE The decision by Reserve Bank of Zimbabwe (RBZ) to introduce a local currency known as “bond notes”, equivalent to the US dollar, is set to have a major effect on the country’s real estate industry. Without giving a specific date, the Central Bank Governor John Mangudya announced last week the bond notes will be in circulation before end of October, sparking fears of a potential repeat of the excessive money printing that led to hyperinflation several years ago. SANDILE HOPESON NOMVETE MARA DELTA Despite Africa’s slowdown, Mara Delta remains bullish under the African growth story, with the company announcing that it will invest a further R1.580bn (US$ 110 million) into Mozambique real estate market. The company said on Monday, that the investment will be channelled to acquire additional four properties, as well as the second stage development of its Anadarko building in the capital city of Maputo. OCTOBER 2016 SA Real Estate Investor 51