Prosperity foreseen for the property market of Cape Town in 2021!

Cape Town - Cape Town Cape Town's primary real estate market is set for prosperity in the next year. According to research carried out by Knight Frank, the prime estimates are growing by five percent this year. Promotion

Mayco member James Vos said: "This may appear insignificant in terms of the economic challenges we face, but this property management transaction helps us on the path to economic recovery and helps us create jobs."

"In the last three fiscal years, 155 properties with a total sales value of R220.8 million were sold and transferred. In the same period, the City's property management department concluded a total of 480 leases worth roughly R2,3 million a month.

"The Council recently provided green light to a number of land transactions that show the City's commitment to release under-used land for its best use in January," Vos said.

He said these include an extension to a retirement village in Bellville, two community sites in Mitchell's Plain and Retirement, and a general Khayelitsha business site and two individual residential facilities in Parow and Brackenfell.

"The intelligent approach of the City to obtain best economic and social value from our assets is evident in the volumes and value of property disposals and leases being handled by the property management department and the approvals of the council.

"In order to make city property transactions more accessible to the public, there are planned to resume virtual auctioning."

As the City drives its intelligent real-estate transactions, Section 12J has opened a Sars tax incentive in the city centre. The Government introduced Section 12J of the Income Tax Act to encourage taxpayers to invest in local companies and to receive a 100% deduction from tax on their investment value in 2009.

Anuva Investments Chief Andrew Friedman said that the 12J incentive for Sars enabled taxpayers to invest in South African companies rather than pay income tax.

"Not only is Section 12J a good investment opportunity, but as we get closer to our annual tax year-end, it is becoming increasingly popular as a well-informed solution to a heavy tax burden," Friedman said.

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