Urban living trends and their impact on new developments | Everything Property
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Urban living trends and their impact on new developments

urban living
Sandton Platinum Residences

EDITED BY THE EDITORIAL TEAM :: PHOTOS: SUPPLIED

Ongoing urbanisation and the shifting needs and preferences of buyers have contributed to the evolution of cities and precipitated emerging trends, which are driving innovative new design concepts.

As cities continue to evolve, emergent trends are reshaping the urban real estate market and precipitating new approaches to urban living which has resulted in innovative new residential developments to meet the growing demand.

“The shifting preferences and needs of urban dwellers are driving significant changes in the property landscape of major metros,” says Cobus Odendaal, CEO of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg, adding that they are impacting not only the types of properties being built but also the areas experiencing growth.

YOUNG PEOPLE DRIVING CHANGE

Odendaal says that the transformation is largely being driven by young professionals and millennials who are attracted to the vibrant city lifestyle and job opportunities. Their preference for walkable neighbourhoods, access to amenities, and modern, tech-enabled living spaces has begun to influence developers’ choices.

“To a lesser degree, empty-nesters and downsizers are also influencing the market, with many seeking smaller, low-maintenance properties in urban settings. Other market drivers are cultural diversity, the desire for cultural experiences, and the proximity to educational institutions and healthcare facilities.

MIXED-USE DEVELOPMENTS AT THE FORE

According to Odendaal, one of the most significant prevailing trends currently shaping this market is mixed-use developments. “The concept of live, work, and play within a single neighbourhood appeals to urban dwellers seeking convenience, accessibility, and a sense of community. With these developments combining residential, commercial, and often retail spaces in the same building or close vicinity, they create vibrant and integrated communities young people want.”

Mixed-use developments offer numerous advantages that align with the current needs and desires of urban residents, including:

  • Convenience and walkability: Mixed-use developments reduce the need for long commutes and enable residents to access essential amenities, shops, and services within a short distance. This convenience is particularly appealing to professionals, millennials, and empty-nesters who value time-saving and efficient lifestyles.
  • Enhanced sense of community: The integration of residential and commercial spaces means residents can easily interact with neighbours, shop at local businesses, and participate in community events. This sense of belonging contributes to an enriched urban living experience.
  • Increased vibrancy and diversity: The combination of different spaces creates a dynamic environment with a variety of cultural, culinary, and entertainment options. This attracts residents and visitors alike, adding value to the real estate market.

LOOKING AFTER THE ENVIRONMENT

With growing environmental awareness, sustainability and green building practices have become significant factors in urban living. “Developers are increasingly incorporating eco-friendly features, such as energy-efficient appliances, solar panels, and green roofs, into their projects, green spaces, and community gardens. Shared outdoor areas are becoming more prevalent in urban developments, providing residents with access to nature and promoting a healthier lifestyle.”

Sustainable building practices not only benefit the environment but also attract the growing number of environmentally-conscious buyers, Odendaal says.

TECHNOLOGY IS A DEAL-BREAKER

The integration of technology into urban living has gained momentum, and features like automation systems, energy management tools, and voice-activated devices are becoming more commonplace.

“Buyers are increasingly seeking properties with smart home features that enhance convenience, security, and energy efficiency. The ability to control lighting, heating, and security systems remotely is a significant draw for tech-savvy urban dwellers.”

MORE DEVELOPMENTS FOR THIS MARKET

According to Odendaal, there has been a notable increase in the development of properties to suit this growing market in recent years. “We’re currently marketing a brand-new development in the heart of Sandton which ticks all the right boxes for these buyers. Sandton Platinum Residences boasts 40 floors of luxury urban living, a rooftop pool and amazing views of Africa’s richest mile. The Gautrain Station, Sandton city and a host of other amenities and services are only a short stroll away.“All units are fully furnished, inclusive of appliances, and prices start at R890,000, ranging up to R5.8 million for a penthouse (transfer costs included). They offer younger buyers a foot onto the property ladder,” he says.

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