The Cape Town suburb of Vredehoek has shown an impressive increase in demand for its residential stock in recent years. According to Nelio Mendes, sales manager for IHPC estate agents, a duplex apartment in the suburb recently sold for R100,000 above its asking price of R1,95m, and in just three days.
According to PropStats the market in Vredehoek has shown significant growth over the past five years where, in Q1 2010, properties sat on the market for an average of 101 days and listed at R1,4m. Based on figures from Q1 2016 the average asking price is R2,2m with Vredehoek properties, on average, not being on the market for more than 34 days.
The increased appeal of the suburb likely stems from its proximity to the Cape Town CBD and its amenities. However, Mendes believes that the revival of Vredehoek is also driven by the redevelopment of older blocks of flats into trendy apartments. These apartments, with characteristics such as larger rooms and high ceilings mean that the redevelopments are highly sought after.
Photo: The view of the city and Signal Hill from a Vredehoek apartment recently sold by IHPC estate agents for R2m, within three days of listing.