The rental market has seen a tough two years; not just in the CBD, but equally its surrounding areas. For the first time, we have apartments at Wembley Square standing empty, sometimes for months on end.
Go back three to four years and we were confidently achieving 10% increases on rentals at Wembley annually. At this time, the demand for these prestigious apartments was there and supply was scarce. In the beginning of 2017, as new buildings were being developed around us and water restrictions were starting to kick in, we saw a definite shift in the market.
Suddenly, we were experiencing far more supply than demand, resulting in many tenants:
1 bedroom apartments at Wembley are currently achieving between R10 000 – R11 000.
2 bedroom apartments are currently achieving between R16 000 – R17 500.
Ground floor loft apartments are currently achieving between R13 000 – R14 000.
There have been 12 registered sales at Wembley Square since the beginning of 2017, 4 of which were concluded in 2018 and 5 of which were sold by Faircape.
The average selling rate is R40 400 per m2.
Wembley still continues to be a popular block for investors. Should an owner want to know what they can achieve for their property, they are more than welcome to contact email@example.com for a free valuation.
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