Built to house soldiers returning from World War II, Tokai is surrounded by mountains and forests, with leafy streets and established gardens, as well as excellent shops and restaurants.
In the foothills of the Constantiaberg and bordered by Steenberg and Kirstenhof, Tokai was initially an open area with wine farms and smallholdings, which derived its name from Tokaj, a Hungarian range of hills.
There are still a few old Cape Dutch houses in the area, but apart from Steenberg, for the most part the wine farms are no longer there.
Tokai was developed in the late 1940s to accommodate servicemen returning from World War II.
Nestled under Constantiaberg, Tokai offers residents green belts and pine plantations, tree-lined avenues and large homes set in established gardens.
Adrian Goslett, regional director and chief executive Re/Max Southern Africa, says property in Tokai consists almost entirely of freehold homes, with just 0.92% homes within estates.
Between 2007 and 2009 property sales volumes declined, but improved in 2010 showing excellent year-on-year growth until 2014. In 2015 and 2016, the number of properties sold again saw a decline. Goslett says 26 homes have been sold in Tokai so far this year.
According to Lightstone, a property information provider, 36% of recent buyers are between 36 and 49. The same age demographic accounts for the highest percentage of homeowners in the area (45%). The highest percentage of recent sellers has been consumers aged 65 and older, representing 47% of homeowners to recently have sold.
Goslett says in 2009 the median price of a freehold home dipped marginally, but showed some recovery in 2010. While the property price dropped again in 2012, the market gained momentum in 2013 and prices have continued on an upward trajectory ever since. The median price of a freehold home is currently at a record high of R3.788 million.
Lightstone statistics show 90.24% of homes sold in Tokai between September 2016 and August 2017 were priced above R3m, making this the most sought-after price bracket by far. Homes priced between R1.5m and R3m accounted for the remaining 9.76% of sales in this period.