- Co-living and co-working is an international megatrend.
- Mixed-use developments offer a safe, convenient urban living experience.
- Buy now and you can look forward to great real-estate returns.
Developers at the forefront of megatrends in property have identified mixed-use developments as the answer to the growing need for safe, convenient, friendly co-working and co-living environments in big cities worldwide.
Here, motorised traffic is largely non-existent, so people living and working in these environments can move around safely, day or night, within easy reach of retail, leisure, wellness, banking and even medical facilities in some instances.
One property professional says these types of development are “taking inspiration from international trends paralleling global demand for investment in locations where you can live, work and play. We are utilising space to its greatest capacity in major city centres and offering a safe, convenient urban living experience, but they also boast fantastic real-estate returns.”
By the time Waterfall in Midrand, Gauteng, is completed in 2027 the development will combine 28 000 residential units, housing about 80 000 people, with approximately 1.6 million square metres of gross leasable area for commercial and office space, accommodating a further 80 000 people, writes property24.com. Waterfall was the first South African development in the history of the International Property Awards to be named Best International Mixed-use Development in 2017, and they won it again in 2018. Willie Vos, CEO of Waterfall Management Company, told property24.com: “We are building a world-class city and are very proud to represent South African property developments on the world stage.”
Make your mark
Cape Town’s The Rubik, at the corner of Loop and Riebeek Streets, is set to open its doors in 2021. Designed to look like the Rubik’s Cube puzzle, this development combines international living standards with breathtaking views through floor-to-ceiling windows onto some of the Mother City’s well-known natural landmarks. Pegged at R2.4 million for an apartment, you can expect state-of-the-art technology, a 24-hour concierge, premium offices, ample parking, every mod con and clean, green spaces.
In South Africa, those who are already building this type of development can barely keep up with demand and in some instances have already seen tremendous returns through resales. In fact, mixed-use developments continue to buck the downward trend for property investment. Those in the know say that if you’re willing to ride the property market ups and downs, investing in off-plan developments will see huge returns long before ground is broken.
It is a buyer’s market, and prospective homebuyers can easily work out what they can afford on a new property with ooba home loans. South Africa’s leading home loan comparison service offers a free bond affordability tool to help you take that first step towards buying your dream home.
Mixed-use developments cater for the growing desire and need for convenient, appealing and sustainable areas where people can live, work and play. Typically, these precincts incorporate residential accommodation, retail and office space, recreational and entertainment activities and facilitate easy access to transport.
The benefits of buying in a new development also appeal to those with an eye for modern design, energy efficiency, high security and a quality lifestyle.
South Africa’s leading home loan comparison service offers a range of home loan calculators to help people looking to buy a home determine what they can afford. Check your credit score and see what you prequalify for by using ooba home loans’ free, online prequalification tool, the ooba Bond Indicator. Then, when you’re ready, you can get prequalified or apply for a home loan with ooba home loans.