According to property specialists Sotheby’s International Realty, there were 367 apartments sold in the Bryanston area in 2014. This marked the rise of sectional title property in Johannesburg – literally – as the demand for high-rise living is on the climb. From the Maboneng Precinct and the revamped Ansteys Building in town to the fully kitted tower blocks of Sandton, these living spaces are popular among young professionals keen to climb the corporate ladder without having to sit in peak hour traffic before and after work.
For that sole reason, business hot spots such as Joburg’s CBD, Bryanston, Sandton and Illovo have been building on this trend. In fact, in 2014/2015 Illovo saw a staggering 126 units registered at the deeds office. Apartment buildings have technical and economic advantages in areas of high population density. High-rises have become a distinctive feature of housing accommodation in virtually all closely packed populated urban areas. The price of high-rise living in Johannesburg differs from town to town and is, in most cases, a more affordable option to its free-standing counterparts. A beautiful two bedroom apartment at the Ansteys Building in town can cost as little as R480 000 whereas a single bedroom apartment in Rosebank averages around R1.6 million. In addition to ease of access to places of work, these multi-dwelling units also offer increased security which is of growing importance in both the rental and purchase markets.
Coupled with Mayor Mashaba’s plans to open old apartment buildings in town to the private sector for redevelopment, the supply of high-rise dwelling units will increase even more within the CBD itself.
By Shawn Greyling
Have you thought of buying into a high-rise building? Let us know all about it in the comments section below. Sharing is caring, so show this article to a friend or three.