Johannesburg – 2020 has been a whirlwind, not only have we been confronted with a pandemic and with financial burdens, but as we come out of lockdown, many of us are reassessing and adapting the way we live, work and play.
It’s no surprise these social changes are paving the way for a different outlook and new trends in lifestyle changes, starting with the place we’ve spent the most time during the past 6 months, our homes, and where we used to spend most of our time, at work.
South Africans are extremely house proud, our homes are the heart of our social lives and communities. As we adapt to become more future-focused, there is a demand for smarter living solutions for those on the go with full lives who expect more from their humble abodes.
Micro apartments have become a hot trend internationally and in South Africa, and their unique designs ensure your living space is adaptive, flexible to every situation, and the epitome of convenience. Leading cities across the world, such as London and New York, have been at the forefront of micro-living trends. With the upcoming online launch, on the 30th October of Citizen Hyde Park, making it one of the first micro-apartment buildings in South Africa, this trend is entering the Hyde Park property market.
In Europe alone, especially within Germany, a report from 2018 saw an increase of 85% on the previous year in transactions for micro-apartments. IP Global shares that the popularity of micro-apartments has been driven by the affordability factor, lower running costs, and eco-friendly elements. They target mainly singles and young individuals and are typically situated in central nodes where public transport, employment and education is easily accessible.
“This trend is changing the way we live and creating a dynamic way of life for on-the-go individuals. We are proud to be leading this paradigm shift with Citizen Hyde Park. It’s about designing around resident’s day-to-day demands, creating homes that suit their immediate needs and accommodating their lifestyles through vibrant communal spaces,” explains Farrel Osher, Citizen Hyde Park developer. “Hyde Park is a prime location that allows individuals to live within a leafy, suburban area, while still having access to the city where you can work and socialise. Citizen Hyde Park is your passport to the world Micro apartment offering is to reduce carbon emissions by providing an array of amenities within one address, including a co-working space, gym, versatile entertainment/function room, laundromat, convenient grocery store and coffee shop, shuttle and car hire service, communal dining and braai areas, and secure bike storage facilities. That’s not to mention having easy access to the Gautrain and other public transport, business hubs, shopping centres, restaurants, and bars. We wanted to create a space where you are within walking or cycling distance of desirable amenities. It’s your passport to the world and the epitome of convenience,” explains Osher.
The concept of being less dependent on owning a car, rather than the property is fast changing with micro-apartments being strategically located in central areas. Residents can easily save upwards of R4000 each month by rather using public transport close by and utilising the facilities within the building, as opposed to paying monthly car installments, insurance, maintenance, and petrol.
The millennial market and first-time buyers are leading this property demand; they are more inclined to change jobs, are in the beginning stages of chasing their careers, open to using public transport, and are very social. Research from Cushman & Wakefield shows that the micro-living market is driven by single persons who make up 42% of households in Germany, and couples who make up a further 34%. Its single households are expected to rise to an alarming 19.3 million by 2040. Bringing this closer to home, Hyde Park alone has experienced 23% increase in population over the last 9 years, and that is due to a younger, booming market attraction.
This makes for a huge opportunity for investors to capitalise on the demand and gear their units for short or long-term rentals.
“Micro apartments are financially savvy and have an array of benefits such as higher rental yields and capital appreciation. For instance, a standard studio apartment in Hyde Park is approximately R1,574 million, while Citizen Hyde Park starts from R840 000. While you will be paying less towards your bond repayment you can expect to rent out your unit for the average area rental of approximately R10 000 per month or take advantage of short-term rental solutions for business and holiday travellers,” shares Osher.
Citizen Hyde Park takes micro living to another level, where these studios, 1 and 2-bedroom apartments have full back-up power, onsite water storage, state-of-the-art security, furniture packages, and fibre. Citizen Hyde Park residents will enjoy having a myriad of facilities within a few steps of their home.
“This lifestyle is like nothing Hyde Park has seen; it truly is revolutionary. On the 30th October, people from across South Africa will have access to this investment prospect from the comfort of their own space, as the launch is online,” ends Osher.