Luxury apartments scaling new heights
Demand for luxury apartment living in Joburg is seemingly buoyant, while the rest of the city’s housing market remains in the doldrums along with the general economy
Though it takes about four months to sell the average house in SA — up from two months in the mid-2000s, according to FNB’s figures — anecdotal evidence suggests that sellers in many of Joburg’s unsecured neighbourhoods are having to wait at least six to 12 months to find a buyer. This is particularly so for standalone houses priced R3.5m and up.
However, the city’s new-build sectional-title market is seemingly bucking the trend. Luxury mixed-use developments that offer a residential component as part of a live, work, play and shop lifestyle offering are reporting healthy sales activity.