Johannesburg, Africa's wealthiest city
Category Commercial Property News
When people think of Africa, they usually think of rolling fields, majestic waterfalls, savannas and animals that can’t be found anywhere else on the planet. For the average European or North American who hasn’t traveled to the continent before the thought of megacities and billionaires rarely cross their mind. However, there are certain cities in South, Central and Northern Africa where business and commerce is booming. Last year Johannesburg was ranked as the richest and most affluent cities in the whole of the African continent which many don’t realise is the second largest behind Asia. This is according to a news article entitled - “SA cities ranked among the top 10 wealthiest African cities” which was published in Business Report, in April of last year.
“South Africa dominates the African city wealth list, with three cities featuring in the top 10. Joburg is also a destination of choice for the super-rich who retire to the city. The city is also home to 130 multi-millionaires who each have a net worth of more than R10-million”.-www.iol.co.za/business-report/economy/sa-cities-ranked-among-top-10-wealthiest-african-cities
Johannesburg continues to grow within the economic sector and retains its stature as the most commercially driven epicenter in the county. This is why investment and consumer confidence is still strong. Leading commercial property rental companies agree. One such company OfficePlace has a keen interest in the Gauteng region and Parktown which is one of the most centrally located commercial, residential and educational nodes in the expanse is no different. The leading property brokerage has 18 listed properties available for rental in Parktown alone and within the enormity of Johannesburg, there are literally hundreds of offices available all over the city. This is why time and time again commercial businesses are choosing various suburbs with the region as their base.
Changes in government have brought a degree of uncertainty to the economy of South Africa yet the projections for 2018 aren’t as disparaging as people might have originally expected. As the general property market in the greater Johannesburg expanse remains steady. According to Property 24, interest rates have remained low, hence the property market at large hasn't been affected too heavily.
“Interest rates over the past few years have been low, which has been able to sustain the property market at a steady pace and even though we saw a rise in 2017, it has not been significant enough to affect the property market in a negative way.” - Paul Stevens, CEO of the national real estate group, Just Property taken from - What does 2018 hold for SA’s property market? 31 Jan 2018. (www.property24.com)
According to African Business Central (http://www.africanbusinesscentral.com). Three South African cities ranked in the top 10, with Johannesburg taking the top prize, picturesque Cape Town came in at number 3, whilst laid-back Durban came in at number 7. Accord to iol.o.za Parktown was one of the suburbs within Johannesburg that has performed well to help in achieving this ranking, this report came out in 2017.
“Also important to note is how wealthy Africans buying in South Africa are particularly interested in Sandton and other northern suburbs (Sandhurst, Hyde Park, Houghton), central Cape Town (Green Point, City Bowl) and the “big 5” Atlantic seaboard luxury hot spots in Cape Town (namely Fresnaye, Bantry Bay, Llandudno, Clifton and Camps Bay).
Some of the listed affluent suburbs in Joburg include Sandhurst, Hyde Park, Bryanston, Houghton, Westcliff, Parktown, Saxonwold, and Atholl”. -www.iol.co.za
There are many uncertainties in life and it's a transitional phase for South Africa’s political climate. That said the commercial property in greater Johannesburg remains stable. OfficePlace are here to help in any way they can with regards to renting offices in Parktown. Get in contact with one of their highly skilled brokers to get all the relevant information on available rentals in commercial suburbs such as Parktown near the epicenter of this world-class African city.
Author: OfficePlace Property Brokerge
