Increasing the popularity of luxury apartment living in Johannesburg
Although one man’s luxury may well be another’s ordinary or every-day reality or perception, depending on the particular individual’s life experience, earnings, disposable income and lifestyle standards, the widely accepted understanding of what constitutes luxury in Johannesburg can be taken quite literally, since this city is home to a major share of South Africa’s wealthy residents and investors.
Definitions of luxury abound – “a state of great comfort, especially when involving great expense”; “opulent”; “an indulgence rather than a necessity”; “splendour” and “sumptuous”, are but a few of the terms and synonyms that may apply to any number of items or experiences, luxury cars, homes and apartments being commonly foremost amongst these.
Factors that increase popularity and values
- Previously, apartment blocks were usually found in CBDs. Nowadays, affluent suburbs and secure housing estates typically feature a mix of apartments, townhouses, clusters and freehold homes.
- Supply exceeds the demand for freehold properties, resulting in buyers or tenants rather opting for a luxury apartment as a suitable and viable alternative, which in turn may result in a market shortage of the number of luxury apartments on offer.
- In the same supply/demand scenario, plus a tougher economy, more people are able to afford to purchase or rent a luxury apartment, since such apartments are typically less expensive than their freehold counterparts.
- Younger persons who are entering the property market are better able to purchase an apartment than a freestanding house. As the population experiences a greater percentage of financially active and successful, professional young people in its composition, the demand for luxury apartments escalates.
- Location, location, location remains the golden rule of wise property acquisition. Wise buyers tend to opt for a smaller, but more luxurious apartment in the best location that they’re able to afford, rather than a larger, but somewhat basic property, that’s equivalent in price, but is situated in a modest or less desirable suburb or area.
- Generally, safety and security is thought to be superior in an apartment complex, because the area is more densely populated and easily contained or rendered safe – safety in numbers and proximity of households.
- The supply of available land in sought-after, affluent suburbs is limited or in the process of running out, so higher density living, like that in an apartment, presents a viable solution for this shortage, while enabling dwellers to enjoy the privilege of having a good or desirable address (in the right location or area).
- Since the introduction of a well-constructed Sectional Title Act that governs part or sectional ownership applicable to apartments and townhouses, the demand, value and popularity of such homes has increased exponentially. (People tend to forget that apartments were once only available on a rental basis; ownership rested solely in the hands of the person who owned every unit contained within the block).
Johannesburg’s most affluent suburbs
Fine & Country South Africa specialises in the luxury property market in Johannesburg and other areas of South Africa where luxury apartments and other types of high-end properties are found. Johannesburg’s affluent suburbs that contain luxury apartments and palatial dwellings, and where Fine & Country’s professional estate agents are active, include the following:
- Hyde Park
- River Club
- Steyn City
At Fine & Country South Africa, we recognise and understand how important your luxury apartment transaction in Johannesburg is to you, as well as all the legal and other complexities that may apply to apartment living. We’re ready to offer you our expertise, local knowledge and able assistance – every step of the way.