Lew Geffen, chairman of Lew Geffen Sotheby\u2019s International Realty, says that the election result that saw deputy president Cyril Ramaphosa assume leadership of the ANC, is “nothing less than a direct cardiac adrenaline shot to business confidence, both nationally and globally”.<\/p>\n
Ramaphosa won the battle to be the next president of the ANC, having secured the most votes at the party\u2019s 54th conference on 18 December 2017.<\/p>\n
“It\u2019s the best possible outcome for South Africa; the spark we\u2019ve needed to turn the tide of economic decline and to prevent the country from becoming a permanent feature on ratings agencies\u2019 junk lists.<\/p>\n
\u201cA quick glance at Ramaphosa\u2019s CV shows he\u2019s the right person for the job. He boasts vast business experience in his own right, aside from his service on the boards of some of South Africa\u2019s largest corporates,” Geffen said.<\/p>\n
\u201cRamaphosa has union credentials from nine years serving as General-Secretary of the SA Union of Mineworkers and his political qualifications, including five years as Secretary-General of the ANC, are unmatched. He is therefore unquestionably the one person who has the capability to unite our fractured society and economy.<\/p>\n
\u201cPerhaps most crucially, though, his vast independent wealth will almost certainly put paid to any temptation to sell political favours,” Geffen said.<\/p>\n
He said that leading the ANC puts Ramaphosa in the position of potential president-in-waiting and governing a country is like running a vast business enterprise \u2013 but on steroids.<\/p>\n
\u201cThe bottom line is both require the same experience and credentials in their leaders, especially in emerging economies such as ours where the budget spend on social is so high and job creation is essential to the long-term success of \u2018South Africa PTY Ltd\u2019.<\/p>\n
\u201cThat\u2019s why the ANC\u2019s new leaders should seriously apply their minds to whether it\u2019s in the best interests of the country for Jacob Zuma to remain in the presidency until 2019, especially in light of the two court judgements against him last week relating to the State Capture report.\u201d<\/p>\n
Geffen said the property market in 2018 will show swift and significant improvement on the back of Ramaphosa\u2019s election, because the currency will strengthen and investor confidence will grow.<\/p>\n
The rand advanced by 13% in 2017, making most of those gains after Ramaphosa was elected ANC president.<\/p>\n
\u201cPositive sentiment will drive the economy, which as a whole has been immobilised for months waiting for this election process. With this result we can now see light at the end of the tunnel, and for the first time in ages it isn\u2019t an oncoming train,” Geffen said.<\/p>\n
Dr Andrew Golding, chief executive of the Pam Golding Property group said it is expected that South Africa\u2019s residential property market will continue to maintain its resilience, reflecting an ongoing healthy appetite for property investment \u2013 particularly in major metros and key hubs in 2018.<\/p>\n
\u201cFrom a housing perspective, the fact is there is a pent-up demand from a groundswell of aspirant buyers wanting to acquire a foothold in the property market, while others in the marketplace – both first-time buyers and existing homeowners – are seeking homes to buy or rent as career and lifestyle changes dictate a change in address.<\/p>\n
\u201cAnother favourable indicator is that developers are continuing to bring new products to the marketplace across a range of price bands in response to the demand for residential property in key growth nodes in Cape Town, Johannesburg \u2013 including the \u2018New North\u2019 of Fourways, Pretoria East, the KwaZulu-Natal North Coast and also Port Elizabeth.”<\/p>\n
Notably, according to Lightstone statistics, some 90,000 new homeowners are entering the housing market each year, ensuring ongoing accommodation mainly for the sub-R1 million price range, Golding said.<\/p>\n
Samuel Seeff, chairman of the Seeff Property Group pointed out that the finance minister,\u00a0Malusi Gigaba<\/span>, painted a subdued outlook in his mini budget in October. “While by no means gloom and doom, it is a period of prudence ahead for property,” Seeff said.<\/p>\n \u201cWhile looking forward to a busier summer period, especially the first part of the year when there is always higher activity, the biggest challenge for the economy and market remains the unstable political climate and poor economic decisions making,\u201d he said.<\/p>\n \u201cThat said, history has shown SA property to be a good investment with growth rates that generally outpace inflation during a positive economic phase as we have seen over the last few years. Property remains a good investment, especially if it is your primary home.\u201d<\/p>\n
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