The provincial capital of Gauteng, City of Gold and South Africas largest city
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The city is referred to as Joburg or Jozi by the resident locals. It is ranked in the 50 largest urban areas of the globe. It is characterized by its famous skyscrapers kissing the skies at its Central Business District (CBD). With an estimated population of 5,635,127, the city of Johannesburg is the most populous city in South Africa and the seat of the nation\\\\\\\'s Constitutional Court. Located within the wealthiest province in South Africa, the city lies in the mineral-rich Eastern Plateau of Witwatersrand. The city is at the center of large-scale minerals (gold and diamond) trade of South Africa.
Culture, History, and Business
The city of Johannesburg had a turbulent history. It was subjected to many power tussles by different colonial masters because of its abundant mineral resources. The ancestors of the black community in present-day Soweto were excluded and chased away from this city during apartheid.
Post-apartheid, the city and its extension Soweto has gained some stability. This has propelled the city to the economic summit of its nation.
Mining is the core backbone of the economy in this region. Johannesburg is the financial and economic center of South Africa. It produces 16% of the country’s GDP and is responsible for 40% of Gauteng’s economic activity. The city ranked 47 out of a total of 50 top cities in the globe as a global center of commerce in a survey conducted by MasterCard in 2008. They were the only African city to make the cut.
The manufacturing sector also plays a vital role in the growth of the economy as a result of its connections with other sectors. Other thriving industries within this economy are transport, real estate, banking, IT, private health care, and print media. The city houses the largest stock exchange in Africa, JSE.
Real Estate Appeal
The average buying price for an apartment in this city is $57,000. And after spending that much, you can expect a rental of around $500 per month. Property rates in this city yield an annual return of more than 17%. With this kind of returns and appreciation in the property, you can expect to get a high return on your investment from Johannesburg.
In our next articles, we discuss the reasons why you should consider investing in Johannesburg and its hottest neighborhoods.
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