Latest Posts

New cannabis bill could see construction taking the high road

The proposed amendments to the Cannabis for Private Purposes bill that seeks to further decriminalise cannabis usage and legalise South…

Read More..

Luxury vs ultra-luxury – What’s the difference?

BESPOKE LIFESTYLE: There are a number of key factors that distinguish ultra-luxury homes form the rest, not least that they’re…

Read More..

Creating sustainable growth and reducing poverty through structural transformation

Urban development domains ACRC’s analytical framework uses the concept of urban development domains to transcend both sectoral and traditional systems-based…

Read More..

A root cause of flooding in Accra: developers clogging up the city’s wetlands

Christopher Gordon, University of Ghana Ghana has six designated Ramsar sites. These are wetlands designated under the criteria of the…

Read More..

Nigerian property crime could be reduced if neighbourhoods were better designed

Adewumi Badiora, Olabisi Onabanjo University Nigeria has a very high crime rate. The Global Peace Index ranked it the world’s…

Read More..

Inner cities are growth engines attracting young homebuyers

Inner city living is boosting the city residential property market and driving urban rejuvenation Inner cities. Love them or hate…

Read More..

Kenya’s push for affordable housing is creating opportunities despite barriers

Raphael M. Kieti, University of Nairobi; Robert W. Rukwaro, University of Nairobi, and Washington H.A. Olima, University of Nairobi In…

Read More..

Heron IVC: Walking the green talk

Waterfall is closing the loop on waste Waterfall prioritises sustainability and responsible environmental stewardship as a strategic imperative, keeping the…

Read More..

21st Aug 2022

Architect Africa Online

Africa's Leading Architecture Aggregator

Inner cities are growth engines attracting young homebuyers

Inner city living is boosting the city residential property market and driving urban rejuvenation

Inner cities. Love them or hate them, they play a crucial role in stimulating, supporting and enhancing a country’s economic growth. They are hubs for productivity, and due to the scale, diversity and density of activity, ideas and information flow freely, offering a wealth of creative and entrepreneurial opportunities for those who choose to live there.

As a developing country, South Africa is urbanising rapidly. Estimates suggest that just over 67 percent of South Africans are living in urban areas, and this is predicted to rise to 71 percent by 2030. By 2050, eight in 10 people will be living in urban areas.

According to Andrea Tucker, Director of MortgageMe, this urban densification trend is accelerating post Covid-19 due to lockdowns having changed the way people work, leaving many office and retail spaces in city CBDs empty and disused. This is urging developers and investors who own commercial properties in inner cities to transform their building stock into residential or mixed-use developments and reigniting a trend for inner city living, with its benefits of reduced commuting time, lower living costs, and better access to transport hubs, essential services, and universities.

“The shift to inner city living tends to be more inclusive of lower income home seekers while also combating unsustainable urban sprawl,” says Tucker. Inner cities have a huge capacity to densify and support large numbers of people while limiting their impact on the environment due to reduced land consumption, efficient infrastructure, and fewer cars on the road. And, with the state of the economy as it is, more middle-class South Africans are looking for smaller, centrally located spaces with lower rates and levies. “This trend among the younger middle class to buy smaller, lock-up-and-go spaces in cities is driving urban regeneration and boosting the urban residential property market.”

Are you cut out for city living? Inner cities have a vibrancy that is hard to match in rural and suburban areas, with nearby bars, markets, shops, restaurants, office buildings and new co-working spaces enabling collaboration and physical connection, ideal for young, up-and-coming homeowners as well as start-ups and SMEs. “While they may not be for everyone, inner cities have an energy that tends to appeal to the young South African population, and the smaller apartments offer a minimalist, affordable, lock-up-and-go option,” says Tucker.

“A quote that came out of the United Nations Conference on Human Settlements described inner cities brilliantly as ‘engines of growth and incubators of civilisation’, so it is heartening to see people investing in inner cities, which, in turn is creating a positive inner-city housing market,” shares Tucker.


MortgageMe is an online bond aggregator. The online platform, launched in 2019, eliminates the time-consuming hassle and paperwork involved in the traditional home loan application process by initiating a super-fast digitised application process that automates tailored submissions to the country’s major banks and lenders on a prospective property buyers’ behalf. MortgageMe’s instant access to South African lenders means the best rates are shared with the user side-by-side, allowing them to get a full, realistic picture before making their decision.

The post Inner cities are growth engines attracting young homebuyers appeared first on Everything Property.

Syndicated content from Everything Property


If you find this website useful please spread the word.

Follow by Email