Gauteng Business News

Send  Share  RSS  Twitter  19 Feb 2010

PROPERTY: Reaction to the Budget Speech


Recent Gauteng Business News

The talk of the town, or indeed the country, is the budget speech and most companies have weighed in with their two cents worth. This is a summary of how some of the players in the property market felt about it, and the sentiment seems to be very positive.

"Finance Minister Pravin Gordhan is to be congratulated on a very well-balanced maiden Budget," says Lew Geffen, chairman of Sothebys International Realty in SA.

"Today's Budget is remarkably positive, considering the financial difficulties of the past year and the enormous strain this has put on the economy. It is very good news that the Reserve Bank's mandate to operate independently has not been changed and that it will continue to target inflation at between 3% and 6%, as the debate around this issue has been a threat to much needed foreign investment."

Tjaart van der Walt, CEO of the RealNet estate agency group, welcomed Finance Minister Pravin Gordhan's undertakings to curb unproductive state expenditure and rein in graft and corruption announced in the Budget today.

"It is a positive indication that the government is in step with tax-paying consumers' concerns. However, we need to see that policy is implemented speedily and with visible effect."

Berry Everitt, CEO of the Chas Everitt International property group said, "Although the Budget did not contain many direct benefits for the real estate industry, we welcome it as largely positive and confidence boosting, which will undoubtedly have a spin-off in the property market."

"Especially encouraging aspects are the fact that the GDP this year will be higher than initially expected at 2,3%, and that government's budget deficit will be cut to 7,3% of GDP."

And according to Harcourts Africa GM Jeanne van Jaarsveldt, "The most positive aspect of today's Budget is the news that spending on infrastructure elements such as electricity supply, roads and water systems will continue for many years after the Soccer World Cup,"

"Although the people visiting the country will primarily be coming to watch sport and not to look for property or business opportunities, it does present us with a fantastic chance to showcase SA - and to persuade many people to return over the next two or three years to invest here. It is thus very important that they should see continued development and upgrading."

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