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#Budget2018 – “Property still good investment”

Following South African Minister of Finance Malusi Gigaba’s 2018 Budget Speech, Mike Greeff, CEO of Greeff Christie’s International Real Estate, shared his insight.

 “Malusi Gigaba’s 2018 Budget Speech has done much to allay the fears of investors and the public by presenting a balanced budget speech set within the framework of the State of The Nation Address,” said Greeff.

“Although there are small changes to the VAT rate and the Personal Income Tax rate, we at Greeff can’t see this affecting the property market. Property continues to be a good investment. A further positive is that duties on the transfer of properties remain unchanged.

“The budget speech has laid out plans to move South Africa’s economy out of its current stagnation and predicts an increase in GDP growth of 1.5 percent in 2018, rising to 2.1 percent in 2020, paired with a projected narrowing of the budget deficit from 4.3% of GDP in 2017/2018 to 3.5% in 2020/21.

“The Finance Minister also announced much-needed drought relief to the tune of R6 billion. This is a welcome move and will definitely aid the drought-ravaged areas of the country, in particular, Cape Town,” said Greeff.

“The budget speech has laid out plans to move South Africa’s economy out of its current stagnation and predicts an increase in GDP growth of 1.5 percent in 2018.” – Mike Greeff, Greeff Christie’s International Real Estate.