Property News

During the third quarter of 2020 (Q3 20), South Africa’s COVID-19 lockdown moved from Alert Level 3 through to Level 1. In June, pent up demand for properties saw residential property sales skyrocket after the reopening of the property market during lockdown Level 3. This property market boom continued through the third quarter, fuelled by low interest rates and favourable lending terms from South African banks.

Community housing schemes have just a few months left to ensure that their record-keeping systems and those of their managing agents are compliant with the Protection of Personal Information (POPI) Act, which became effective on 1 July this year with a transition period to ensure complete compliance by 30 June 2021.

Estate agencies could face financial and reputational ruin if they fail to meet their Financial Intelligence Centre Act (FICA) obligations. However, there is a growing urgency for estate agents to put the right processes in place to ensure compliance.