Oversupply leads to mild improvement in property market
The First National Bank (FNB) residential property barometer has shown some improvement in residential demand since late last year, but this is attributed to the significant oversupply of stock still prevalent in the market.
Families relocated by eThekwini municipality voice safety and health concerns
As part of the refurbishment of Umlazi's King Goodwill Zwelithini Stadium for the 2010 Soccer World Cup, the eThekwini municipality is in the process of moving about 700 families from their informal shack settlement to a transit camp in peri-urban T-section. According to an article by Mail & Guardian journalist Niren Tolsi, the transit camp 'appears a sort of purgatory for the poor: tin shacks stand beneath electricity pylons and close to a landfill site in a remote area'.
Creating housing assets
The government - through the Department of Housing - intends to expand its role in the delivery of houses to the entire residential market. The programme, called credit-linked subsidy, is helping beneficiaries to access housing credit for the purchase of existing houses and/or to acquire a serviced stand linked to a house-building contract.
Fourth suburb development for Cape Town
The City of Cape Town and financial services group Nedbank announced recently that they would cooperate on a fourth suburb development, as part of an agreement signed in 2007. Rugby would now be developed alongside Wetton, Ottery and Silvertown in the cooperative agreement to develop affordable housing projects on land owned by the municipality.