According to Trading Economics, the interest rate in South Africa averaged 11.97 percent from 1998 until 2022, reaching an all-time high of 23.99 percent in June 1998 and a record low of 3.50 percent in July 2020. Interest rates will always fluctuate as they are a factor in the supply and demand of credit: an increase in the demand for money or credit will raise interest rates, while a decrease in the demand for credit will send them down.
“One may argue that interest rates are on an upward trajectory, and therefore now is not the time to buy, however, what we are seeing is a normalising of the interest rate to a level that existed before Covid-19 in 2020,” says Shaun Roos, Managing Director of Longitude Developments in Johannesburg.
Roos concurs that the South African, and indeed global, landscape presents would-be buyers with a plethora of concerns about making fixed investments. Against the backdrop of rising inflation and fears of a global recession, those are well-founded. “Still, many experts concur that if you can afford it, rather invest in your own property and future, than paying rent to a landlord.”
Roos and his team at Longitude Developments focus on delivering design-inspired lifestyles that contribute meaningfully to the evolving social fabric of Johannesburg. They are driven by a quality mindset to provide a relevant response to contemporary lifestyle requirements supported by the adage that quality never goes out of style. “Buyers are drawn to well-designed spaces that provide efficiency and ease of living. It can still be described as lock up and go, but with the architectural flair that the typical lock up and go unit lacked in times gone by.”
Do alternative energy sources help seal the deal?
Roos asserts that while the design phase is key, the South African landscape has forced Longitude to respond to the increasing need for convenience and secure utility supplies by partnering with forward-thinking suppliers. Energy providers EverCharge has collaborated with Roos and his team to introduce modular energy backup systems and solutions that would partially/fully power Longitude homes. “We now have access to a suite of innovative well-designed alternative energy options available to buyers that are in keeping with our architectural aesthetic.”
Water security has also received the Longitude team’s attention at 60 on Brooke, its freehold cluster development in Bryanston while standard offerings in all their units include gas hobs as well as a heat pump and geyser combination for the generation of hot water.
“We are including water tank systems that don’t only provide an emergency water backup solution but also serve to harvest rainwater during the rainy season.”
Roos concludes that “successful property investment requires a deep understanding of people’s needs and a willingness to change with the times.”
About Longitude Developments
Longitude Developments is a Johannesburg-based property development company headquartered in Bryanston. Under leadership of Shaun Roos, the brand has made an impact on the residential market with the launch of three boutique developments in Bryanston over the last two years. Focused on creating a sense of place unique to each of its developments, the process includes careful site selection and relevant design to create new communities that meet the changing needs of urban dwellers.
