Grant Elliot | CEO | Thibault Investments | mail me |
Micro living or micro homes are certainly not a new concept. They have been a growing trend in New York, London, Berlin and various other iconic cities across the globe.
Micro-apartments offer smart living, luxury and social spaces at an affordable cost. These units combine necessity and functionality by offering the typical amenities of a standard apartment within a footprint of approximately 20-60m2.
So why is this trend so popular?
Millennials and Generation Z have been at the forefront of this trend, seeking simplicity and minimalism and are prepared to sacrifice space to purchase smaller meterage units to be closer to urban hubs and city centres.
Studies show that this type of housing will increase by 75% in the next 10 years, appealing to a wide demographic including: students, young professionals, singles, seniors, weekend commuters and even tourists.
Location
Micro apartments are generally located in prime real estate areas within the city, allowing you to enjoy the convenience of having everything within arms’ reach. Studies show that residents of higher-density areas are healthier, happier, more active and socially engaged, living more sustainably and saving money.
Sustainable living
The affordability and location aren’t the only factors driving the appeal. With the need for a simpler, more minimalist lifestyle also come more ethical and sustainable practices. Micro-apartments reduce carbon emissions by providing an array of amenities within one address/location, this is a massive draw card for the modern eco conscious professional.
Investment potential
Cape Town is considered one of the most vibrant property markets in Africa, growing faster than any other city in Southern Africa.
It’s one of the most stable residential markets. Mixed use developments generally yield excellent ROIs and good resale and high rental opportunities due to their prime location. It’s a guaranteed solid income stream.
Smart living
Another key feature worth pointing out, is the clever use of storage. Some units come with modular furnishings that offer multi-purpose use, such as the Murphy-style bed to free up living space.
Most young professionals love to dine out and socialize, these mixed use developments offer communal gyms and rooftop bars, where they can entertain their friends in the one location.
In conclusion
Co-living, multi-purpose developments and micro-living are on the rise, especially in Cape Town which currently houses a reasonable amount of co-working spaces in the CBD. The global pandemic has further escalated the demand for multi-purpose developments with many reassessing and adapting the way that they live, work and play.