- Properties under the sectional title in South Africa can cost as little as R250 000. Even though the market is determined by demand and supply mechanisms; it is anticipated that emaSwati will finally be afforded the opportunity of owning property along with these figures
- EmaSwati will be also happy to know that transfer duty will not be paid under sectional title property
Photo Credit: https://www.gov.sz/index.php/ministries-departments/ministry-of-housing-a-urban-development
By Ntokozo Nkambule
The long wait is over. EmaSwati can now purchase sectional title property. Having passed the sectional titles Act in 2018, the government has been moving around in circles in getting the Act operational. The Ministry of Housing & Urban Development through Minister Prince Simelane has now finally gazetted the commencement of the sectional titles Act. Legal Notice No. 89 of 2022 states that the Sectional Titles Regulations will come into force on the 01st of April 2022.
So you may be asking yourself, why the noise, and what is the sectional title? According to Property24, sectional title refers to the separate ownership of a unit within a complex or development. There are a number of benefits provided by this property instrument. Firstly, and arguably most importantly, is that it dramatically reduces the property price. At the present moment, it is practically impossible for the middle class to own property under title deed property because of the exorbitant prices. Sectional Title is the missing piece in the property puzzle in the country. Observations and investigations from our team indicate that properties under the sectional title in South Africa can cost from as little as R250 000 to over R3 000 000 in affluent areas. Even though the market is determined by demand and supply mechanisms; it is anticipated that emaSwati will finally be afforded the opportunity of owning property along with these figures.
It is worth noting that the aforementioned ministry had stated towards the end of last year that emaSwati would finally be able to buy sectional title property by the first quarter of this year. EmaSwati will be also happy to know that transfer duty will not be paid under sectional title property.