Maboneng is Joburg’s new investment gem
An area once rife with crime and urban decay has been transformed into an up and coming chic suburb
Over the last decade, an area once rife with crime and urban decay has been transformed into an up and coming chic suburb. Not since the Gold Rush of 1886 has Johannesburg offered such investment potential. Announcing a change of venue to a large conveniently situated locality, Jaco du Toit of Park Village Auctions (PVA) says now is the time for property investors to add Maboneng to their portfolios. The symbiotic relationship between local government and investors in the Maboneng area started in 2003 when the City of Johannesburg introduced the Urban Development Zone tax incentive to eligible investors. The incentive reportedly reduce taxability by 20% depreciation of inner city property development costs annually for five years, well above a typical depreciation of 5%. Investors wanting rapid growth of their portfolios are coming in on the ground floor and buying up property in this area at a rapid rate. With more than 2-billion being funnelled into the Maboneng precinct by invest...
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