Rising property prices in Cape Town, driven by limited housing stock, Covid-era semigration, and foreign buyers, have made the city increasingly costly for young professionals.
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Seeking better value for their money and stronger career prospects, many are turning to Johannesburg, a city now benefiting from an influx of talent and renewed demand.
According to the Wise Move 2025 Migration Report, roughly a quarter of Cape Town’s emigrants last year relocated to Johannesburg, a movement that has sparked what analysts are calling ‘reverse semigration'. This trend is reshaping the city’s real-estate market and urban landscape.
“Surveys by recruiters such as OfferZen suggest that young South African tech professionals in Johannesburg earn roughly 6% more than their counterparts in Cape Town, with similar trends in finance and corporate sectors - reflecting the city’s role as the country’s primary economic hub,” shares Mark Stevens, majority shareholder in the much-anticipated new Saxon Square development in Oxford Road, Rosebank.
Set to be completed in June 2026, the decision to locate Saxon Square in Rosebank marks the confidence that Stevens, and Saxon Square’s other development partners have in what has been coined ‘Joburg’s most vibrant suburb.’
“Rosebank has become increasingly appealing to young professionals relocating from Cape Town because it offers a similar lifestyle dynamic: mixed-use precincts, walkable streets and a strong café and restaurant culture. At the same time, its position at the heart of the city’s corporate ecosystem allows residents to enjoy a vibrant urban lifestyle while remaining close to many of the country’s top employers.”
Cape Town lifestyle, Rosebank pricing
But while these ambitious young professionals want a neighbourhood that resembles Sea Point, they certainly can’t afford the same price tag.
The cost per m² for a studio apartment in a new development on the Atlantic Seaboard can reach R73,000, almost double that of Saxon Square, where a 28m² studio is priced from R1.04m and despite both areas experiencing similar levels of demand.
“The barrier to entry for first-time homebuyers in Cape Town remains extremely high, forcing many relatively well-paid professionals to spend the bulk of their income on rent rather than getting their foot on the property ladder,” Stevens says. “Our pricing model for Saxon Square is designed to respond to the growing demand from both these ‘reverse semigrants’ and local buyers for luxury lifestyle living that is still financially attainable.”
He points to the spike in demand for Rosebank as both a cultural and economic hub, as well as for this type of mixed-use development, as a key reason why Wink Aparthotels – well-known for managing four trendy aparthotel properties in the Western Cape, including Wink One Thibault - has chosen Saxon Square as the site of its first expansion into Johannesburg.
“Recognising the potential for high returns on being an early adopter in Rosebank’s growing short-term rental market, Wink offers buy-to-let investors a fully managed short-term rental solution, overseeing bookings, cleaning and maintenance while income from participating units is pooled and distributed proportionally among owners.”
What today’s young buyers want from urban living
With Saxon Square achieving more than R70m in sales within the first 10 weeks of launch, it’s clear that Stevens and his development partners have tapped into what today’s young professional buyers are looking for.
He notes that the mixed-use developments that succeed are those that combine a sense of community with everyday convenience. Key amenities include:
- Proximity to public-transport hubs and shopping centres
- 24-hour concierge services to manage deliveries and visitor arrivals, much like the doorman services found in leading New York high-rises
- Smart security features such as biometric access control
- Community-focused spaces including communal braai areas, lounges, eateries and cinemas
- Co-working facilities to support remote workers and digital nomads
- Wellness amenities such as a meditation garden, yoga studio and rooftop gardens
“What buyers are really looking for is a sense of community, convenience and access to opportunity in one place. When a development offers that combination, demand tends to follow,” Stevens concludes.
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