March 17 2025 18:30
This is a guest article for Jawitz Properties.
“Surprisingly, the transfer duty tables have been adjusted to account for property price inflation, which is good news for buyers. For a start, the threshold below which transfer duty is not payable has increased by 10%, from R1.1m to R1.21m,” said CEO of Jawitz Properties, Herschel Jawitz.
“For a first-time buyer, the savings will be R3,300, which is a meaningful amount of money. The transfer duty saving will be similar for a purchase price of R1.5m. On a purchase price of R2 m, a buyer will now pay R7,839 less transfer duty than last year,” he said.
The adjustments to the transfer duties send a very positive signal to the market, which is already starting to see the benefit of lower interest rates and improved overall sentiment. Buyers are feeling more positive, and the transfer duty adjustments will add to the improved level of buyer activity we are seeing in the market.
“Given the state of the country’s finances and the fact that property prices in most parts of the country have not increased by 10% over the last few years, the adjustment to the transfer duty brackets by 10% is surprising and very positive. There have been no changes to the Capital Gains Tax on the sale of residential property,” said Jawitz.
247@propertyflash.co.za