Hout Bay market revives
|The residential property market in Hout Bay has adjusted
to current market conditions and is staging a strong comeback.
Doug Styles, new owner of the local Aida franchise that serves Hout Bay and Llandudno, says the market had to adjust to new realities last year after the strong surge in prices during the boom. The market has now stabilised at a more realistic level with current prices on a par with those of 2006, leading to increased sales activity.
Styles, who had decided to buy holiday property in Hout Bay after a visit a few years ago, bought more than he bargained for on his return earlier this year. Instead of a holiday home, he bought the Aida franchise.
My wife Filomena and I fell in love with the area while on a visit four years ago, he says. On learning that the Aida franchise was for sale we made a decision on the spot to move to South Africa from our base in Europe and we agreed to the deal within minutes.
For the past 16 years the Styles have been selling property in the world-famous golf and beach developments of Vale do Lobo and Quinta do Lago, the Golden Triangle of The Algarve in Southern Portugal, where luxury properties in the range of R20m to R50m are the norm.
Styles says his decision reflects his full confidence in the prospects for the Hout Bay area, which he describes as the jewel in the crown of the fairest Cape. There is strong interest again from local buyers, he says, and the setting and property on offer suit the taste of international investors.
Styles has of course built up a wealth of knowledge in international property markets and has brought a comprehensive database of international clients to his new venture.
Prices for three-bedroom homes in Hout Bay now average just under R2m, while one-bedroom apartments sell from R700 000 up. Two-bedroom apartments sell at around the R1m mark while top properties in Llandudno find buyers at around R20m.
The Aida office in Hout Bay has been extensively renovated and the make-over includes a spectacular feature wall painted by a local artist. This reflects our off the wall approach and the new style of service we would like to introduce to local clients, Styles says.
Article by: www.aida.co.za