Berea, a suburb of the Joburg metropol is an old suburb with a colourful cultural history contributing to the growth of the greater Joburg.
The suburb is primarily made up of apartments which is a strong market segment at present due to affordability and demand.
In 2008 there was a huge turnaround in the suburb and surrounding suburbs. Property was reclaimed and redeveloped and upgraded to reflect current trends and standards. This would have been a futile exercise was it not for the (CID) City Improvement District program.
The program was initialized by a property owner Brian Miller of Ithemba Property Trust, who owns a number of buildings in Berea. His bold steps have attracted the attention of property owners and soon large parts of the suburb were given facelifts.
These efforts have seen reduced crime stats and cleaner public spaces and has attracted young people wanting to get into the property market in a viable investment prospect close to amenities like transport points, access roads and retail and commercial hubs.
Berea offers all this with the benefit of stable property growth which is comparable to other Joburg suburbs. For investors the prospects are endless with commercial building the ideal target for redevelopment into apartments.
Property values Range from the low R150 k mark and steadily increases with the larger apartments.
This redevelopment program is ongoing and being driven by private companies means it will continue to yield positive results and has already expanded to other suburbs like Hillbrow and Jeppestown which relates to what will become a high demand suburb in the near future.
For buy-to-let investors the student accommodation market is an endless market with two major universities close by.
Major roads that put Berea in a prime location are roads like;
Louis Botha Avenue
Joe Slovo Drive
Schools colleges and universities close to Berea are;
University of the Witwatersrand
Parktown Boys High School
University of Johannesburg (UJ)
Take a tour of the apartments on offer in Berea via the Myroof website.