Johannesburg CBD Needs The Support Of The Property Buffs To Grow
Category Advice
In a media report recently published, Hillbrow priority crimes decreased drastically last year to 14 778. In 2002/2003 it was 22 236 (The Star July 4, 2007). According to Bester, people would be encouraged to get back to the city where there is relatively affordable accommodation. On property value the effect would be in a positive way in neighboring suburbs of Vrededorp, Fordsburg, Bertrams and Yeoville. This has a positive effect on investment property in these areas.
The authorities have put in a lot of effort which is commendable to bring crime rates under control in suburban Hillbrow and Berea. This came as a necessary encouragement for residents to go back into Johannesburg’s residential areas of high-density where home buyers would be benefited as they want to be closer to their place of work as well as the city.
The City deserves kudos for its progress with the upgrade in the area, which was a cesspool of bad buildings and crime at one time. At the core of Johannesburg’s growth history there always was enormous potential for Johannesburg to become a city so cosmopolitan that the business and the residential sectors would thrive simultaneously.
According to media liaison officer Nthatisi Modingoane of Johannesburg city, the property market in the city has improved significantly in the last couple of years which is evident by the fact that between 2004 and 2001 there has been an increase of 500 percent in development projects, decline in vacancy rates of grade A and grade B offices and a palpable rise in business confidence.
Meeting challenges like crime prevention and control, by rejuvenating areas such as Newtown, Nelson Mandela Bridge, Constitution Hill and others are paying dividends. The private sector has also shown increased confidence to invest in the city. More and more young people who had better education than their predecessors are moving into the city who at one time were unable to do so.
An additional capital expenditure of R300 million has recently been committed for the current financial year. An operational expenditure of R100 million would be spent on an operational plan which is quite ambitious and aimed at turning the inner city into a more functional and cleaner environment.
The City will be announcing the new partnership agreement in detail as well as other institutional agreements shortly. It would supervise and implement Regeneration Charter of The Inner City.
West of Johannesburg’s city centre lies Newtown, which is yet another example of a crime-ridden area being converted into a center of cultural activity. The area has gained popularity and therefore steadily attracts investment.
Braamfontein, too with business confidence rising, has great potential with new investment pouring in from both the commercial and residential private sectors.
Establishing a city that is dynamic and well-managed, safe, liveable and welcoming to tourists, workers, residents, entrepreneurs and learners is the City of Johannesburg’s and its stakeholder’s vision.
The property division has assisted in realizing this vision as well. Estate agents could acquire knowledge about the Inner City (including areas such as Berea, Yeoville, Braamfontein, and Hillbrow) by researching its history, present and future and including it in their area of operation and advertising the area as a lucrative region of investment.
Positive marketing would further encourage investment. This would ensure its progress in its regeneration efforts which already have policies that are pragmatic and ongoing policies in place and an institutional framework which is rock solid. Assistance of as many stakeholders as possible is needed too so that moving forward quickly and decisively is possible.
Author: IMAGINE Properties
