Apr
2019
When the definition of art deco is used in a conversation the first thing that comes to mind is high-rise apartment buildings and psychedelic art work and murals and of course the fashions synonymous with the 1930-1960’s.
The art deco lifestyle was introduced to the South African property market by a Mr. I W Schlesinger, a New Yorker that wanted to feel at home away from home. Thus the advent of apartments was ushered in, they were popular and more affordable than freehold homes, offered security and more easily maintained than more spacious family homes and the general maintenance was undertaken by landlords or a trustee comity which meant it was another cost saving to owners and tenants.
For many suburbs this was the cornerstone of development as the apartment buildings were close to work which was one of the marketing ploys used to sell apartments and it was as is evident very popular.
As suburbs expanded many of the apartments lost their appeal due to the ever growing need for residents to own family sized homes.
By the mid 80’s it was still fashionable to own or rent an apartment and the trend had shifted more towards the favorable rental market in this lucrative market segment.
By 2010-2015 there has been a revival in the art deco lifestyle with a major twist in the market as demand was now determined by the more exclusive end of the market and this revival was in part due to the gentrification of property in Sandton which is the major commercial hub of Gauteng and South Africa.
From here other suburbs and Central Business Districts followed and places like Maponeng, Menlyn Maine, the Cape Town Central Business District, Melrose, Rosebank and Braamfontein followed suit with an equal amount of success and in the case of Braamfontein there was the added benefit of a large student resident market to cater for.
For property developers and investors in the rental market it presents investment opportunities with endless stock and ever increasing demand which is driven by factors like the affordability as compared to freehold homes, their proximity to commercial districts, access to the various modes of transport and the more exclusive status these properties now carry.
For property developers gentrification of these apartments buildings are a highly viable prospect due to the relatively minimal redevelopment costs and offering market related sales values and for perspective owners the benefit of buying directly from a developer and thus saving on relatively high transfer fees.
Myroof has a large number of apartments across South Africa that will satisfy every whim and need with regards to apartments and freehold homes, small holdings, farms, townhouse and cluster homes.
