The rise of the furnished apartment
Whether it’s a pre-prepared meal or an online shopping service, a dog groomer who does house calls or a recycler that sorts everything out for you… convenience is a key part of modern life and we wouldn’t get things done without it. No surprise then that it has even filtered into in the property market.
Investors are showing increased interest in having newly purchased apartments fully furnished and ready to rent out within the shortest possible space of time, requiring a post-sale experience that is conveniently hassle free.
Sourcing and procuring home furnishings, arranging delivery and overseeing installation can be a cumbersome and time-consuming process. This is compounded further when a purchaser doesn’t reside in the city where the property is located. Hence the popularity of bespoke interior design services that can be arranged remotely and managed within a predetermined budget
The Amdec Group, specialists in the construction and management of sought-after mixed-use developments like Melrose Arch, offer such a service in collaboration with Weylandts SPACES, the interior design and concept division of Weylandts, the luxury furniture and homeware retailer.
The service has proven especially popular among purchasers at One on Whiteley, the newest addition to Melrose Arch, and at The Yacht Club, the Amdec Group’s latest Cape Town development.
“The majority of purchasers within these types of developments are investors who are buying to let the property,” says Tersia Taljaard, a sales consultant with the Amdec Group.
The Melrose Arch rental market appeals particularly to corporates and professionals, which means furnished apartments are the preferred option.
“Furnishing a new apartment is not an easy task and many of our buyers don’t have the time to do this, or they’re foreign investors who aren’t based in South Africa. Most of our investors prefer to have us arrange the furnishing based on a pre-agreed budget, and they often want us to find tenants for them too. Our investors also see better yields when renting an apartment furnished, so for a small capital outlay at the outset, the returns are definitely worth it,” Taljaard adds.