Upbeat About Durban's North Coast Property
Category Durban Property Market
Wakefields Real Estate’s marketing director, Haydn Wakefield, needs no crystal ball to predict the future of upper-LSM north coast property to know that the greater Durban and surrounds, with its key makro investments, will have a strong, ongoing attraction for investors in both residential and commercial property: “With Durban as Africa’s busiest container port, Richards Bay as the main bulk port until 2020, the world-class potential of King Shaka airport and Dube Tradeport, plus the massive investment in local and inter-provincial road and rail infrastructure planned by the government, Durban is set to be the gateway to Africa.”
For Wakefield, an increase in enquiries, stock shortages in certain sectors, and sales figures is the most accurate barometer of the state of the north coast upper-end marketplace. The picture that this paints shows that, for the northern stretch of Umhlanga, La Lucia, and up to and beyond Ballito, demand from homeowners and investors is steadily climbing: “With Umhlanga increasingly entrenched as the home of corporates, the motor industry, the banking world and more, it’s inevitable that families, savvy investors and corporates seeking accommodation for out of town staff, will want to move closer to the heart of commerce. Stock shortages, too, translate into high rentals, so buying is the smart option.” Another strong indicator of renewed market confidence is returning developers: “I’ve given more marketing presentations to developers this year than in the past few years, which indicates heightened confidence levels,” says Wakefield. “The luxury property market is faring well, confirmed by the number of new high-end apartment blocks coming out the ground – take Herwood Skye, where 45 of the available 52 units have already sold. In the month of July, sales at The Pearls topped R15 million. The market for exclusive gated estates remains very high, while the relative affordability and great value of freestanding homes is drawing affluent young families who want the space and lifestyle they offer, plus proximity to work, beach and airport.
“There’s little doubt that the upper end of the north coast property market has renewed buoyancy,” says Wakefield, “so it’s certainly a smart time for buyers to make a move.”
Author: Anne Schauffer
