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 six months, our homes, and where we used to spend most of our time, at work.
South Africans are house proud, our homes are the heart of our social lives and communities. As we adapt to becoming 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 SA, 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. The online launch of Citizen Hyde Park on October 30 will make it one of the first micro-apartment buildings in SA, and entering the Hyde Park property market.
In Europe, 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 their popularity 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 people. 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,” says Farrel Osher, Citizen Hyde Park developer.
“Hyde Park is a prime location that allows residents to live in 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-apartments reduce carbon emissions by providing an array of amenities within one address, including a co-working space, gym, versatile entertainment/function room, laundromat, grocery store and coffee shop, shuttle and car hire service, communal dining and braai areas, secure bike storage facilities, easy access to the Gautrain, public transport and shopping centres. We wanted to create a space where you are within walking or cycling distance of desirable amenities,” says Osher.
Micro-apartments reduce the dependence on cars, being strategically located in central areas. Residents can save about R4,000 each month by opting for public transport close by and the facilities within the building, rather than paying monthly car instalments, 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 people who make up 42% of households in Germany, and couples who make up a further 34%. Its single households are expected to rise to 19.3-million by 2040. Bringing this closer to home, Hyde Park alone has experienced 23% increase in population over the past nine years, and that is due to a younger, booming market attraction.
This is a big 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 many benefits such as higher rental yields and capital appreciation. A standard studio apartment in Hyde Park is about R1,574m, 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 about R10,000 a month or take advantage of short-term rental solutions for business and holiday travellers,” says Osher.
Citizen Hyde Park takes micro-living to another level, where these studio, one- and two-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 facilities within a few steps of their home.
“This lifestyle is like nothing Hyde Park has seen; it truly is revolutionary. On October 30, people from across SA will have access to this investment prospect from the comfort of their own space, as the launch is online,” says Osher.
This article was paid for by Citizen Hyde Park .