Sandton property remains resilient

The residential property market in Sandton remains resilient as ‘Africa’s Wall Street’ is experiencing ongoing development, and showing little sign of the economic slowdown.

In fact, quite the opposite – a number of modern office blocks, hotels and mixed-use spaces continue to be developed across the Sandton centre, and infrastructure upgrades are ongoing.

Dr Andrew Golding, chief executive of the Pam Golding Properties Group, said the development of the Sandton city centre, and the fact that Africa’s Wall Street remains the place in the country to do business, has assisted in providing strong support to the local economy, as well as the residential property market in the area.

“Business people from all over the world visit Sandton which continues to be seen as a commercial, financial and business gateway to South Africa. An estimated 10 000 businesses and head offices are to be found in the centre and it is home to the busiest Gautrain station,” added Golding.

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“The impressive Discovery and Old Mutual buildings are under construction, while the commissioning of the 11-storey, R2-billion Sasol headquarters building, with its five-star Green Star rating, commenced recently.

“While there was an easing in the local Sandton residential property market in 2015, particularly at the higher end of the market, the region remains an important centre of business and commerce and residential property within the Sandton city centre itself, as well as surrounding suburbs such as Morningside and Sandhurst, remains at a premium.”

Pam Golding Properties regional head of Gauteng Rupert Finnemore said that some owners of luxury apartments and penthouses, valued at R10 million or more, are adopting a more considered approach to the market, but there remains a strong demand for well-placed homes offering good value between R1.7 million and R3 million.

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“Some of the best and most exclusive [shops], entertainment and hotels in the country are located in Sandton. The area is, furthermore, situated at the very heart of Johannesburg’s north, and residential property here is always likely to be popular among those looking to be situated close to the wealthiest mile in the country in order to take advantage of the myriad facilities on offer in this mega business city,” said Finnemore.

“A Sandton address remains a prestigious one and properties here are considered an excellent investment. Indeed, the greater Sandton area remains home to some of the wealthiest individuals in South Africa. Those professionals who seek a fast-paced urban lifestyle with every amenity at hand find it a highly desirable location.”

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