“Residential property in Johannesburg – and Sandton in particular – is attracting increasing interest from expatriate executives and key staff deployed to South Africa by BRICS and other emerging world economies,” says luxury homes marketer Ronald Ennik.
“It is a trend that will gather momentum as South Africa continues to roll out its policy of engaging in bilateral trade and investment opportunities with emerging economies in Asia and the rest of Africa,” says the founder and CEO of Christie’s-affiliated Ennik Estates.
“Government’s commitment to this policy was again underlined when President Jacob Zuma visited the Republic of Congo (Brazzaville) this week to attend the international Forbes Africa Forum on economic development, investment and infrastructure opportunities in Africa,” adds Ennik.
“In the past, foreign corporate investment in South African residential property was predominantly from Britain and the rest of the European Union (EU) – historically South Africa’s single largest trading and investment partner.
“Today more and more home sales and rentals are being signed with South African-based managers and other representatives of the emerging markets with which we are now trading,” says Ennik.
“Like their counterparts in the EU and USA, their business and personal address of choice is Johannesburg’s northern suburbs – particularly Sandton, with its vibrant cosmopolitan lifestyle and rich diversity of modern high street living.
“Continually mobile between South Africa, the rest of Africa and their home countries, they have a preference for secure lock-up-and-go, sectional title-type accommodation and cluster living and are, therefore, a key factor in the increasing densification currently under way in Sandton.
“This is reflected in the number of mixed use new commercial developments in and around the CBD, as well as the growing number of townhouse and cluster developments in nearby suburbs” says Ennik.