If you’re over the high property prices in Cape Town and looking to invest elsewhere, you might want to check out the North Coast of KwaZulu-Natal.
According to Pam Golding Properties area principal for Durban Coastal, Carol Reynolds, people both local and international are snapping up properties there in a big way.
BusinessTech reports that as a result, the region is “quickly becoming the new ‘property capital’ of South Africa”, with steady year-on-year growth, new developments, and investments that are transforming it into one of the most sought after neighbourhoods in the country.
Back to Carol for more details:
“With its laidback ambience, golden beaches, idyllic year-round climate and abundance of good schools, semigration to this coastal belt between Durban North and Ballito remains a recurring trend, particularly in Sibaya, eMdloti and uMhlanga.
“This includes Gauteng commuters seeking an unbeatable lifestyle while the main breadwinner travels to work Monday to Friday or as needed. It’s a quick and easy commute, avoiding traffic congestion while you sit in air-conditioned comfort in the cabin,” she said.
Here are a few of the reasons that the area has become so appealing:
- King Shaka International Airport on its doorstep, and nine international flight routes – including three BA flights per week from London’s Heathrow airport;
- Durban has won best lifestyle city in South Africa for the past few consecutive years according to the Mercer Index, further underlining investor confidence in a province;
- Highly desirable lifestyle and sound value-for-money homes;
Ongoing investment in commercial property in hubs such as uMhlanga Ridge and La Lucia Ridge;
- No shortage of hospitals and medical facilities, the region is also benefiting from a growing retirement market;
- Access to top schools.
Plus it looks like, in that region at least, people don’t feel like they need to chain their cars to street poles.
“Also critical is price, as well-priced stock moves while over-priced property sits on the market. Buyers are also showing a preference for renovated homes rather than fixer-uppers. In addition, sea views are sought after despite premium pricing – and we find the higher-priced sea-facing units in developments sell out considerably ahead of those without sea views,” she said.
In terms of residential property, the region has also experienced steady growth year-on-year, whereas some other regions have experienced peaks and trough, she said.
The North Coast has also attracted a number of investors and new property developments.
“Among other top end sales, we sold a frontline penthouse apartment at the Pearls in uMhlanga for R30 million. Encouragingly, we are seeing a number of cash sales across all price bands,” Reynolds said.
Further developments are also on the cards, which include:
- A prime beachfront block in uMhlanga,
- In Sibaya, a new development to comprise three apartment blocks, and
- A huge resort-style development near the casino.
Of course, there’s a casino…
Also up for grabs are a few plots of vacant land which can be bought and developed.
In Signature Sibaya, plots of vacant land of about 2 000sqm are selling at R12.5 million.
“Sibaya prices as a whole have surged from R25,000 per square metre in 2016, when Ocean Dunes was first launched, to over R40,000 per square metres for new developments. In Signature Sibaya, further capital is being invested in new homes which will attract prices upwards of R20 million to R30 million when completed,” Reynolds said.
Roads and infrastructure are on the up and up and people are flocking to snap up some prime real estate.
It all sounds great, but I’m keen to stick it out in Cape Town, thanks.
[imagesource: JOOINN] The move to alert level 1 and the easing of restrictions have be...
I was going to write about my Monday, which saw roughly 12 humans coming at me between 8AM...
UPDATE: Donovan has responded with an apology video, which you can see at the bottom of th...
[imagesource: Augusto Zurita / AP] Shows like Narcos may have glorified aspects of the ...
Well done on making it through another week. Just think, this time next week you'll be ...