Not too long ago, Midrand was largely undeveloped tracks of land – these days, the market is booming in this area and development (both commercial and residential) stretches as far as the eye can see! So, in a period where the Gauteng property market has been flat at best, why is Midrand thriving?
Big Developments Making Midrand the Place to Live
Midrand saw a huge surge in commercial investment, becoming a key growth point in Gauteng. Vodacom, BMW and the SA Mint all moved their headquarters to the Midrand area and the 131 000-square meter Mall of Africa development positioned it as a shopper’s paradise serving Sandton and Midrand residents. Porsche has also bought into this growth, revamping the iconic Kyalami racetrack.
One reason for this exponential growth is the Gautrain, without a doubt. Making it easier, more affordable and faster to travel into Sandton and Midrand, this public transport system allowed people to move out of the expensive Sandton areas and commute with ease – all without sacrificing their lifestyle.
As commercial development increases, so more and more people are also flooding into Johannesburg and Pretoria, looking for affordable housing. With demand outstripping supply – especially for properties around the R500k+ mark in secure estates and complexes – developers have moved in to build homes on a massive scale. This also suits both investors and home buyers, as new build homes aren’t subject to transfer costs.
But high-end property buyers aren’t left out of the mix either, with Waterfall Estate, Steyn City and other high-end developments offering a unique, highly-desirable and secure lifestyle rich in amenities (from horse stables to parks and golf courses) at a considerably affordable cost.
It’s easy to see why Midrand is experiencing such a boom, since commercial and residential developers have access to both the space and the infrastructure to implement large-scale, affordable lifestyle solutions. It’s live, work and play all in one.
Jason Scholtz is the CEO at Envision Investments and a leader in the property and strategic investments industry in South Africa. For more investor tips and an insider’s look into the South African market, be sure to get in touch, keep an eye on this blog or visit http://www.envisioninvestments.co.za/