Latest news with #housingunits
Zawya
a day ago
- Business
- Zawya
Egypt: Tax experts project $309mln revenue boost following Old Rent Law ratification
The Egyptian Association of Tax Experts (EATE) expects state treasury revenues to rise by at least EGP 15bn in the first year following President Abdel Fattah Al-Sisi's ratification of Law No. 165/2025, commonly known as the Old Rent Law. Ashraf Abdel Ghany, tax accountant and founder of the EATE, said that, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS), Egypt has nearly 42 million housing units, comprising freehold, old rent, and new rent properties. Of these, 3.018 million units—covering apartments, houses, shops, and garages—fall under old rent contracts, representing about 7% of all housing units nationwide. Abdel Ghany noted that Law No. 49/1977 had exempted old rent units from all types of property taxes, both original and additional, and excluded their revenues from the general income tax base. However, under the newly ratified law, these exemptions will be abolished, meaning old rent units will now be subject to property tax, and their revenues will also be included in the general income tax base. The new law classifies old rent units into three categories. The first covers prime areas, where rental values will increase to 20 times the old rate, with a minimum rent of EGP 1,000. Most properties in this category are expected to be taxed. The second covers mid-range areas, where rents will rise to 10 times the old rate, with a minimum of EGP 400. About half of these units are expected to be subject to tax. The third category includes economic areas, where rents will also rise to 10 times the old rate, with a minimum of EGP 250. Properties in this category are not expected to be taxed. Abdel Ghany explained that the law mandates survey committees to determine the rental value for each area within three months of its enforcement. The valuation will be based on factors such as geographic location, property size, road and transport networks, and the availability of utilities and services. Once valuations are set, the property tax will be calculated at a rate of 10% of the net rental value, after deducting 30% as expenses for residential units and 32% for commercial and administrative units.
CTV News
16-07-2025
- Business
- CTV News
Nova Scotia funds new affordable housing project in Yarmouth
Nova Scotia has announced it is building 24 housing units in Yarmouth as part of a project by the Affordable Housing Association of Nova Scotia. Premier Tim Houston made the announcement on Wednesday, saying, 'We said that we would build more homes faster, and we are doing just that.' 'This project in Yarmouth is the perfect example of what's possible when all levels of government work together with non-profit organizations and developers to ensure every Nova Scotian has a place to call home,' he added. According to a news release from the province, the two multi-unit buildings will include studio and one- and two-bedroom apartments as well as three-bedroom townhouses. The units will house more than 50 people, with 14 of the units renting between $397 to $1,085. The other units will have market rates of $1,000 to $1,675. Residents are expected to move in by early 2026. 'It's exciting to watch this build happen because of what it means. It's affordable housing for those in need and adds so much to our community,' said Mayor of Yarmouth Pam Mood. 'Thanks to the Province for funding and our team for putting this together. She's going to be a beauty!' The province is contributing $2.66 million to the project through the Affordable Housing Development Program and $1.5 million in funding will come from Canada's National Housing Strategy initiatives. Another $3.9 million is from the federal government's Affordable Housing Fund. The Town of Yarmouth donated the land. For more Nova Scotia news, visit our dedicated provincial page
CBC
09-07-2025
- Business
- CBC
Signs of slowing rental market in Halifax, but affordability challenges persist: CMHC report
The rental market in Halifax is showing signs of slowing down, but that's not translating to improved affordability for tenants, according to a new mid-year update report from the Canada Mortgage and Housing Corporation. In the first three months of the year, advertised rents for new listings of purpose-built, two-bedroom apartments in Halifax were down 4.2 per cent compared to the same quarter in 2024. A CMHC economist said this easing of asking rents is mainly the result of fewer people moving to Halifax. "The demand is a little bit weaker than it was a year or two before," said Lukas Jasmin-Tucci, pointing to reduced migration from other provinces and changes in federal immigration policies. However, there were still increases in overall rents. Jasmin-Tucci said it's as though there are two different markets in the city. "We have the high-priced, more recent buildings … where we see slowdown, less demand," he said. "But if we look at older buildings, cheaper rents, it still remains very tight in those [areas]." According to the report, the difference in prices between older and newer apartment buildings has narrowed across major cities in Canada. Previous CBC News analysis showed that rents for some of Halifax's oldest and most affordable apartments rose rapidly between 2020 and 2024. Jasmin-Tucci said Halifax has seen its largest increase in housing supply on record for the first half of the year. More than 1,000 housing units have been completed since January. "For a long period we had a lot of starts, [a] lot less completions," said Jasmin-Tucci. "That's not the case anymore." But one affordable housing researcher raised concern about the types of new housing being built. The report pointed to two CMHC programs as drivers of increased rental housing supply in Canada. Catherine Leviten-Reid said one of those, the Apartment Construction Loan Program, which was formerly known as the Rental Construction Financing Initiative, doesn't result in housing that's affordable. "While we're seeing new units being built, we're not seeing units being built for people who are most in need," said Leviten-Reid, an associate professor at Cape Breton University. According to a 2023 report from a council that advises the federal housing minister, the Rental Construction Financing Initiative was the largest national housing strategy program, but produced "the least amount of affordable housing for people in core housing need." Overall, in Leviten-Reid's view, low-income earners in Halifax still face "a very difficult situation" when it comes to housing affordability. In major Canadian cities, "more tenants are expected to turn to shared living arrangements" due to ongoing affordability challenges, the CMHC report said. That could boost demand for apartments with three or more bedrooms while making it harder for landlords to lease smaller units. The CMHC forecasts an increase in the apartment vacancy rate in Halifax, potentially reaching three per cent this year, said Jasmin-Tucci. Last year, the figure rose above two per cent. He said it's the first time Canada's housing agency has provided a mid-year rental market update since it moved to conducting just one annual housing survey, adding that the CMHC saw a need for people to be informed more frequently.
Bloomberg
08-07-2025
- Business
- Bloomberg
Affordable Homes in India Dwindle to 7-Year Low, Report Shows
India's supply of houses costing less than 5 million rupees ($58,553) fell to their lowest since 2018, a Knight Frank report found, signaling that the trend of developers pivoting away from this segment continues. The affordable segment saw supply of new housing units plunge to 30,806 in the six months through June, the real estate consultant said in the report last week. The share of this segment in total housing sales has dropped to 22% over this period, versus 54% in the first half of 2018.
News24
03-07-2025
- Business
- News24
Simelane defends R34bn housing budget amid fierce criticism and allegations of betrayal of the poor
Minister Thembi Simelane tabled a R34 billion human settlements budget, promising 237 000 new housing units and 80 000 title deeds over the next five years. Opposition parties rejected the budget, citing inflation, corruption, and institutional collapse in the department and its entities. EFF and MKP accused the government of failing the landless, while the DA raised concerns about Simelane's alleged links to VBS-related corruption. Human Settlements Minister Thembi Simelane has tabled a budget of over R30 billion for the 2025/26 financial year, pledging that the department will focus on unblocking stalled housing projects, issuing long-delayed title deeds, and rolling out service stands and housing units in line with the Freedom Charter's call for 'houses, security and comfort'. Simelane said the department was determined to honour the promises of the Freedom Charter, which celebrates its 70th anniversary this year. 'We stand this afternoon on that pillar to ensure that our people enjoy comfortable and secure homes, where they can raise their families without fear of displacement and inadequate living conditions,' Simelane said. Key commitments Over the medium-term expenditure framework (2024–2029), the department of human settlements has committed to: Delivering 237 000 Breaking New Ground (BNG) housing units Providing 314 000 service stands Disbursing 140 000 subsidies for the 'missing middle' through first home finance Upgrading 4 075 informal settlements Delivering 150 000 social housing units Handing over 80 000 title deeds Eradicating at least 8 047 mud houses in rural provinces Simelane noted that some of the previous targets, including those for service stands and social housing, had already been surpassed in the last financial year. 'We understand this does not mean we will be able to eradicate all backlogs,' she said, 'but our intention is clear — we are dealing with unfinished and stalled projects and budget constraints head-on.' Immediate 2025/26 Targets For the 2025/26 financial year, the department plans to deliver: 4 944 housing units 32 250 fully serviced stands 4 282 first home finance units 3 000 new social housing units The department has also committed to improving the collection rate on rental stock from 90% to 95%, despite common narratives that municipalities are failing to generate income on these properties. 90% of all our utilities perform the way they were designed to. Our target is 95% collection,' Simelane said. Thembi Simelane Fiscal constraints and climate challenges The total budget allocation for the year is R34 billion, with R30 billion ringfenced as grants to provinces and metros, 90.7% of the total. Of that, R16.9 billion will go to provinces and R13.9 billion to metros. Simelane flagged natural disasters – especially floods in KwaZulu-Natal, Eastern Cape, Free State and Western Cape – as a key threat to human settlement planning. We've had countless disasters in recent months. The budget allocation for disasters is R336 million, but the damage in the Eastern Cape from the Umthata floods alone surpasses this figure. Simelane Unlocking land and title deeds Simelane said the department remained concerned about delays in issuing title deeds. Obstacles include township establishment backlogs and restrictive environmental regulations. She said recent engagements with the Minister of Forestry, Fisheries and the Environment had started to yield progress in unlocking at least 300 000 housing units. 'These are communities that already reside on the land. We are working with the National Environmental Management Act and the Spatial Planning and Land Use Management Act to get the necessary waivers,' Simelane said. Partnerships and technology Simelane revealed that the department is mapping all 4075 informal settlements, using data to assess which are viable for upgrades and which need to be relocated due to environmental risk. Engagements with social movements like Abahlali baseMjondolo and SETAs are under way to prioritise vulnerable groups such as people with disabilities, the elderly and child-headed households. 'Our clear-cut mandate is to develop a unique, participatory human settlements strategy that integrates local needs and aligns programmes across all levels of government,' she said. Despite a constrained fiscus, Simelane remained upbeat: 'With fiscal cuts dictating that we do more with less, we are determined to ensure that every cent goes toward building homes of comfort and security.' Opposition slams and rejects budget EFF MP Mbali Dlamini slammed the budget as 'an empty promise wrapped in inflation and false hope', warning that no real gains could be expected when allocations were being eroded by a 5.2% inflation rate. 'This budget fails the most basic test. It does not speak to the housing backlog, which now exceeds 2.3 million units, as admitted by the department itself,' Dlamini said. She criticised the government's continued outsourcing of service delivery. Year after year, we watch in horror as municipalities return billions in unspent housing grants while our people sleep in the open veld… Consultants, many with links to the ruling elite, are paid millions while local government collapses. Mbali Dlamini The EFF called for the nationalisation of urban land, the creation of a state-led construction company and the abolition of reliance on private developers. MKP: Budget in real decline, not enough for urban migration MKP MP Thulani Innocent Gamede warned that none of the department's five key programmes saw inflation-adjusted increases, calling the allocation 'a retreat from addressing deeply entrenched spatial inequalities'. 'The 12.8% real-terms decrease in the informal settlements programme is particularly alarming,' he said, blaming the decline for undermining the fight against unsafe and overcrowded communities. Gamede added that the budget lacked urgency in resolving backlogs in title deeds and failed to reform sluggish procurement systems and ineffective grant use. DA: 'Minister cannot be trusted with a single rand' The DA's Luyolo Mphithi questioned how Simelane could be trusted with the R34 billion allocation while facing corruption allegations. He cited multiple investigations and suspensions involving senior officials at the National Home Builders Registration Council (NHFC) and HDA, adding that the entire housing system was collapsing under mismanagement. 'In Nigel, municipal officials have sold off homes. In Stillwater, Northern Cape, homes collapsed just ten days after construction. And title deeds in Soweto are gathering dust,' said Mphithi. Referring to Simelane's alleged connection to VBS Mutual Bank-related corruption, Mphithi said: This minister cannot be trusted with a single rand, let alone R34 billion. Luyolo Mphiti Rise Mzansi: 'Safeguard communities from hyenas' Makashule Gana of Rise Mzansi said his party supported the idea of a robust housing programme but warned against the 'hyenas' inside the department siphoning off public funds. 'South Africans are being priced out of their homes by short-term rentals and market speculation,' Gana said. 'We welcome tourists, but the unchecked rise of digital nomads buying up property for profit is unacceptable.' He called for a stronger focus on safeguarding existing housing stock, preventing climate change-related displacement and eliminating corruption at every level. READ: R36 million vanished yet the same contractors remain – Simelane grilled over dodgy, incomplete housing projects Meanwhile, Higher Education Minister Nobuhle Nkabane has accused the DA, EFF, and MK Party of 'rejecting the transformation of the post-school education and training sector' after they opposed her department's 2025/26 budget. Nkabane tabled the Department of Higher Education and Training's budget vote before the National Council of Provinces on Tuesday, arguing that the allocations were aimed at improving the performance and efficiency of the country's post-school education system. Earlier that day, the DA opened a criminal case against Nkabane, citing alleged fraud and breaches of parliamentary rules under Section 26 of the Powers, Privileges and Immunities of Parliament and Provincial Legislature Act. Under the proposed budget: TVET colleges are allocated R14 billion, up from R13.1 billion; Sector Education and Training Authorities and the National Skills Fund receive a combined R26 billion; NSFAS funding rises to R48.7 billion; and University education funding climbs from R91.7 billion to R96 billion. Nkabane acknowledged a R1.4 billion shortfall in university funding and conceded that NSFAS would remain insufficient to meet the growing demand. Responding to the budget, DA MP Jeanne Adriaanse called for Nkabane's removal, saying: 'It is time for President Ramaphosa to fire Minister Nkabane and clean up the ANC's criminal network from the heart of Parliament.' She also accused the minister of attempting to 'cover her tracks' after appointing ANC-linked individuals to SETAs, only to withdraw the appointments after public outcry. EFF MP Laetitia Arries rejected the budget, saying: 'You have failed to account for appointments that are glaring examples of political patronage... This department is always ill-prepared to welcome thousands of students at the start of the academic year, especially the missing middle who don't qualify for NSFAS and can't afford tuition.' In reply, Nkabane said: 'Those who are rejecting the budget are rejecting the transformation of the post-school education and training sector in South Africa. They are not rejecting the budget of Nobuhle Nkabane.'
