select
|

High-rise luxury catches on in Johannesburg

Luxury apartment living has really caught on now in Johannesburg, where more than 2500 upmarket units in 22 of the city’s most sought-after suburbs have been sold in the past year.
 
So says Lew Geffen, chairman of Sotheby’s International Realty in SA, who notes: “Our research shows that some 367 sectional title apartments were sold in Bryanston, for example, where there has been a considerable amount of new apartment development in recent times to meet the rapidly rising demand.
 
“The Deeds Office records reveal that the average price of these apartments was R1,3m, while the average price of the 360 apartments sold in Morningside, closer to the Sandton business and financial hub, was R1,9m. (See table below)”
 
Meanwhile in Sandown, which has gained renown in recent years for its multimillion-rand Manhattan-style apartments and penthouses, more than 169 apartments were sold in the 12 months to end-February at an average price of R3,4m, he says.
 
“And in neighbouring Sandhurst, which is famous for its ‘trophy’ mansions and exclusive estates, there were 34 apartment sales at an average price of R2,9m.”
 
Other areas that notched up really large numbers of high-end apartment sales in the past year include Lonehill and Sunninghill, while Dunkeld achieved the highest average price for sectional title homes of R4,4m.
 
Security concerns and changing lifestyles are clearly factors in the rising demand for upmarket apartments says Geffen, with many wealthy buyers finding it more cost effective to live in a luxury high-rise or gated complex than to maintain and secure a large suburban home – especially if they are frequent travellers.
 
“But there are also two other elements in play here, the first being the motivation to avoid the increasing traffic congestion in and around Johannesburg by acquiring a centrally-located home that enables easy access to work and all other amenities combined with top-notch security.
 
“And finally, many younger professionals and executives are realising that buying an apartment enables them to gain entry to the city’s top areas and enjoy the benefits of living there much sooner than if they opt for freehold ownership.”

High-end apartment sales in Johannesburg 2014/ 2015

Suburb

Average price Rm

No of sales

Dunkeld

4,4

4

Melrose North

3,7

36

Sandown

3,4

169

Sandhurst

2,9

34

Hyde Park

2,7

54

Dunkeld West

2,6

13

Wendywood

2,2

25

Morningside/ Manor

1,9

360

Oaklands

1,9

14

Parkmore

1,8

16

Parktown North

1,7

17

Illovo

1,7

126

Craighall /Park

1,6

95

Rosebank

1,6

80

Saxonwold

1,6

16

Bryanston

1,3

367

Killarney

1,3

180

Fourways/ Gardens

1,2

150

Houghton

1,1

102

Lonehill

1,1

273

Paulshof

1,1

165

Sunninghill

1,0

242

Source: Sotheby’s International Realty



  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 22 Jun 2018
      The rental market in many Johannesburg suburbs has shown encouraging signs of revival this year but it remains a competitive market and landlords who best cater to their market’s needs will reap the healthiest returns.
    • 22 Jun 2018
      Home design is constantly evolving to reflect the changing needs of society. We look at some of the ways in which our use of space is changing.
    • 22 Jun 2018
      While estate agents can help the seller with correctly pricing the property and marketing a property to the right pool of potential buyers, at the end of the day it’s the impression that the property will make on buyers that counts the most.
    • 21 Jun 2018
      Anyone who’s ever been involved in a building project that’s gone wrong will appreciate the importance of adequate insurance cover in the construction industry.
    • 21 Jun 2018
      A recent news story about a blind tenant caught in a legal battle with his body corporate over letters and notices he was unable to read and consequently comply with has raised the question: what are the legal obligations for landlords with disabled tenants?
    • 21 Jun 2018
      A trend that’s taken the world by storm in recent years is that of hygge (pronounced: hue-guh), a Danish concept that is about creating intimacy, connecting with loved ones and taking pleasure in small, ordinary things.
    • 20 Jun 2018
      Buying or selling real estate isn’t as easy as it is portrayed sometimes, especially if there is a death of a party during the transaction which can make it awkward, tricky and inconvenient.
    • 20 Jun 2018
      With interest rates remaining at historic lows and banks continuing to compete for mortgage finance business, first-time buyers with funds at their disposal are currently well-placed to gain that initial foothold on the property ladder, particularly in the light of the slightly lower growth rates currently experienced in residential property values.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK