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20th Aug 2022

Architect Africa Online

Africa's Leading Architecture Aggregator

Budget speech reaction property sector: Yael Geffen

Lew Geffen Sotheby’s International Realty CEO Yael Geffen says this year’s budget speech is the first in years to give South Africans tangible confidence that economic recovery is possible.

“To have a R180 billion tax overrun in the kitty is a long way from getting us out of the woods, but it eases the crushing burden that every South African business and individual has felt in recent years.

“I don’t recall another budget in which the tax burden on citizens wasn’t almost universally increased, but this year nothing went up other than carbon tax and so-called ‘sin taxes’.

“In fact, inflation-aligned personal tax bracket and rebate adjustments as well as medical tax credit increases will see more money in people’s pockets at the end of the day, which is excellent news for home owners making mortgage payments and people saving to buy their first homes.”

Geffen says the Eskom and general SOE situation is still extremely worrying and a massive challenge to macro-economic growth, as is the State’s debt burden of R4.3 trillion.

“One year of good revenue collection across a broader tax base shows the government is making an effort to put its house in order and it’s a positive start for which it should be commended, but the congratulations should only come when it has done this 10 years’ running. Then we’ll know the country’s leadership is serious about state prosperity rather than state theft.”


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