Both these issues hold powerful, although indirect, repercussions for the industry, and although some parts of the plans have been commended by property experts, others fall short.
“In previous years, there have been promises of a 3.3% growth but we have not hit that target for years. There is much ground to make up for the lack of growth over the previous years and based on the lack of available revenue to invest, it seems unlikely that we will see that growth rate happening in the year ahead.”
The above-inflationary increase in the personal income tax brackets in conjunction with a sustained low interest rate environment will, however, provide additional relief to consumers and homeowners, he says. These need to be administered as fast and efficiently as possible if the country hopes to achieve “any real measure of economic recovery” in the next 12 months.
Yael Geffen, chief executive of Lew Geffen Sotheby’s International Realty is not convinced that the Budget offers any real economic solutions as, on one hand, the government is giving tax breaks to lower income households, but, on the other, is heftily raising the fuel levy which will force increases in peoples’ costs of living.
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