Budget adjustments

South Africa's Finance Minister, Enoch Godongwana, announced changes to transfer duties during the budget speech on February 22, 2023. The transfer duty table brackets will be increased by 10%, which means that first-time homebuyers will benefit. From March 1, 2023, properties sold between R1 million and R1.1 million will be exempt from transfer duties, and those sold between R1,100,001 and R1,512,500 will pay 3% of the value above R1.1 million. This change implies that the first R1.1 million of any property purchase price is tax-free.