Over the last decade, an area once rife with crime and urban decay has been transformed into an up-and-coming, chic suburb. Not since the Gold Rush of 1886 has Johannesburg offered such investment potential.
Announcing a change of venue to a large conveniently situated locality, Jaco du Toit of Park Village Auctions says now is the time for property investors to add Maboneng, “central Johannesburg’s the new investment gem” to their portfolios.
“The symbiotic relationship between local government and investors in the Maboneng area started in 2003 when Johannesburg introduced the Urban Development Zone (UDZ) tax incentive to eligible investors.
“The incentives reportedly reduce taxability by 20% depreciation of inner city property development costs annually for five years, well above a typical depreciation of 5%,” says Du Toit.
“Investors wanting rapid growth of their portfolios are coming in on the ground floor and buying up property in this area at a rapid rate. With over R2 billion being funnelled into the Maboneng precinct by investors ranging from property investment companies to financial institutions, this is an area to watch closely over the coming years.”
Du Toit further reports that “PVA will be adding their name to companies involved in the renewal of Maboneng with multiple properties to auction in April.
“The precinct draws the inner-city public as well as the chic, art-going crowd of the city’s suburbs,” he says.
When and where
- Park Village Auctions will bring a long list of mixed-use properties to market on Monday, April 15 from noon.
- The auction will take place at The Venue, 17 High Street, Melrose Arch, Johannesburg.
- Viewing ahead of the sale is strictly by appointment only, which can be arranged by calling Park Village Auctions’ Jaco Du Toit on 0827989476