LAND TRANSFERS DROP BY 5.4% IN 2017

MBABANE – Arguably, enforcement of the provision stipulating that foreigners should not be allowed to buy land in the kingdom has cost the country thousands of Emalangeni.

This is backed by the number of property (land, residential or commercial transfers that has been registered by the Deeds Registry Office in nine months.

When compared to the same period in 2016, the land transfers dropped by 5.4 per cent in 2017.
Estate agents, construction companies, conveyancers and property developers had earlier warned that government ought to reconsider the decision not to allow foreigners to buy land in the country. 

The players in the property industry pointed out that effects of the intensified laws that guide the buying and selling of land to foreign nationals would have a negative effect on their businesses to the extent that they could be forced to consider downsizing if the current stance persists.

A report from the Deeds Registry reflects that from January to September, a total of 742 Deeds of Transfers were registered. This was a drop by 43 from 785 recorded in 2016 before the Deeds Registry tightened screws to enforce the legally binding clause which had been all along not adhered to fully.   

Deeds of Transfers comprise of residential – which tends to always be the majority-, industrial and commercial property between private citizens. It should be mentioned that a deed of transfer is an instrument by which ownership of registered property like land is conveyed from its seller to its buyer.

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