November 21st, 2024 | Business, Economics, Practice

Property

Trends

  • FNB reports that fewer South Africans are immigrating out of the country of late with such dropping from 8 to 7% now, down from 14.2% in Q1 2019. It also says that there is an uptick in, especially, the affordable housing market, owing to stronger market sentiment. Both Gauteng and the Western Cape is seeing a surge in market activity.
  • The above is encouraging, especially on Lightstone having recently brought out a report saying that private residential property investors appear to be losing their appetite for growing their portfolio’s, which has led to investor volumes levelling off in 2022, and falling of late. The upshot of this is that residential property values have stagnated.
  • The FNB report notes that life-stage downscaling accounts for some 22% of total sales and financial pressure for 23%; which latter figure is above the long-term average of 18%.

 

News:

  • Money laundering, via South African properties, has made the news lately – clearly conveyancers are not (will not?) picking up on FICA instructions, especially foreigners investing in multiple properties in South Africa.
  • NSFAS payments may well be on the decline, but there are many who still invest in student housing on the back of such expected payouts.
  • The construction mafia has again been big news this past week, with very large numbers tossed around to impress; only in Africa! – we find the state signing a declaration with the private sector that the state will do its work in securing criminality on construction sites. Blatherings that the time has come to draw a line in the sand is so passé.

On the same topic, the Department of Public Works Minister has said that a part of the problem is the rule (applicable to government contracts over R30m) that 30% of public projects work be given to the local community is being abused.

  • BusinessTech ran an article which says that, when allowing visitors into security villages, one should not go beyond collecting vehicle licence discs info and names, as this may contravene the Popi Act.
  • You might find the following graph interesting:

Practice

News:

  • Nummawan has, for many years, tortured the legal fraternity with tactics dubbed Stalingrad by his former advocate. Our NPA Director has called upon judges to not allow such tactics, which is admirable. I confess to suspecting that our courts would have bent backwards show that they were not prejudiced against Nummawan as digging in judicial heels would have led to accusations of prejudice of many kinds. We really need a judge to resist, I would buy that judge a Bells!
  • Both the recent high-profile EFF converts have made news: advocate Mpofu’s misconduct allegations record was not released by the LPC (and probably rightly so) as the gentleman did not consent to this being done. The wonderful thing about this is that we now know that there is such a record! Former judge Hlope has been taken to task on meddling in a straightforward eviction matter which led to a flawed Western Cape High Court judgement. One marvels that he survived that long as Chief Justice.
  • But wait, there’s more! Nummawan was sued by the State Attorney for R28.9 in legal costs which he has neglected or refused to pay… Nummawan now says that his now conveniently deceased trial advocate, Adv Kemp, is liable for this sum. Again, at the risk of in sensing those involved, one must marvel at the mendacity of his legal team in presenting such an argument; chutzpah!
  • But wait there is even more! The LPC responded to a claim by the RAF that it was not doing its duty to rein in legal malpractice by stating that it had struck off more than 100 practitioners this year only! Then there is a report on a Jo’burg practice hit with a R7.7m fine for wilful non-compliance with FIC.
  • PRASA is involved in a CCMA dispute and had sought to bring in outside lawyers, which was refused by Judge Makhura. Buy that judge a Bells!
  • Dying for action: The sale of tainted foods has been much in the news of late, with the latest reports stating that 95% of spaza shops inspected had been closed and that spaza shop owners need to show a R5m investment in order to obtain a licence: chutzpah, inviting legal challenge. The wonderful thing about this is that these shops have been there (like zama zamas) under the noses of our authorities for many years, and little happened until a large number of people died from the food bought from such shops. The following, somewhat bland, article lists the legal actions one may take against such shop owners; I suspect that administrative or even social action (yes I know!) may be far more effective: https://www.werksmans.com/legal-updates-and-opinions/tainted-treats-spoiled-foods-and-potential-dangersare-there-any-legal-safeguards-for-consumers/
  • Finally, this time of the year practitioners are inundated with hopefuls sending CVs and asking for work/articles. Many practices result to two ploys to weed out having to plough through reams of applicants: select the best academic performers or ask the local Dean for a recommendation. The difficulty is that performance in an exam does not necessarily equal performance as a practitioner, as may be seen from the following: https://marginalrevolution.com/marginalrevolution/2024/11/how-well-does-bar-exam-performance-predict-subsequent-success-as-a-lawyer.html Ex Lang Daan
  • An interesting sidenote is that SARIPA wants our Home Affairs Minister and Government Printer CEO held in contempt of court for wilfully disobeying a 2021 High Court order that the Government Printing Works does its job! Nice gesture but doomed.

 

Hard news:

 

Conveyancing:

In reallocating agricultural land, our government ignores the dictates of sustainability by allocating farms to multiple owner families – a disaster in the making.

 

Lighten up

On chutzpah:

The man who killed his parents asks for mercy from the court.

The judge asks: “On what grounds should we grant you mercy?”

Man: “On the account of my being an orphan!”

 

A little old lady sold pretzels on a street corner for a dollar each. Every day a young man would leave his office building at lunch time and as he passed the pretzel stand, he would leave her R5.00, but never take a pretzel.

This offering went on for more than 3 years. The two of them never spoke. One day as the young man passed the old lady’s stand and left his dollar as usual, the pretzel lady spoke to him for the first time in over 3 years. Without blinking an eye, she said: “They’re R7.00 now.”

 

A police officer stops Yankel for speeding & reckless driving and asks him very nicely if he could see his license.

Yankel replied in a huff, “I vish you guys could get your act togeder. Just yesterday you take avay my license and now today you expect me to show it to you.”

 

 

 

 

Written by: Daan Steenkamp
https://www.daansteenkampattorneys.co.za/ 


Still looking for your dream home, or wanting to sell? Feel free to give one of our developers a call today.

Tom Eastwick – The Gates, Hilton and Garlington, Hilton | 072 297 2699 | tom@devdirect.co.za
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