South Africans are semigrating to Durban’s coastal towns, HERE’s why

With most parts of South Africa experiencing low to freezing weather temperatures, Durban continues to be the warmest city to be. It comes as no surprise that there is an ongoing demand for property on the KwaZulu-Natal coastline north of Durban.

With the general volatility in global markets, it seems that property has re-emerged as an investment safe haven, according to one of South Africa’s leading estate agencies, Pam Golding Properties.

WHAT’S INTERESTING IN DURBAN COASTAL TOWNS?

The city is well known for its warm beaches, beautiful hotels and tourist attractions, that’s not all, the city also has a rich cultural heritage.

Carol Reynolds, Pam Golding Properties area principal for Durban Coastal says they have noticed a positive influx of Johannesburg buyers shopping in Durban, while local property developments in particular have attracted investment interest from people living outside Durban.

“Despite the lockdown, the residential property market in this perennially sought-after region has shown resilience, and we are continuing to experience activity across all price bands. Most notably, family homes priced under R5 million are selling quickly while developments are attracting a significant amount of investor interest,” he said.

Reynolds said in Durban North’s residential property market there’s a clear trend towards lifestyle as a priority, and as a consequence, many buyers look for spacious homes with gardens and outbuildings that can be converted into offices, or for additional accommodation for extended family members.

“This suburb epitomises convenience for home buyers. In central Durban North, homes sell quickly if correctly priced, with the ever-popular three or four-bedroom family home with outbuildings and level gardens performing well in the price band between R3 million and R5 million.

“This central area is very popular because of its proximity to schools, the beach and the burgeoning business hub in La Lucia/uMhlanga, and also benefits from the Broadway precinct, a self-sufficient business node in itself, making Durban North the ideal place to live, work and play.”

Gareth Bailey, who is also an area principal for Pam Golding Properties Durban Coastal says buyers and sellers are more informed than ever before and most have a good understanding of what constitutes a reasonable and acceptable market-related price.

“Although the sectional title and estate homes – including sectional title units within estates – have proven more popular in recent years, freestanding homes continue to sell, especially those in low-supply areas such as on the beachfront, particularly frontline apartments, for which there is a high demand as long as realistically priced.”

Reynolds said that prices of homes range from R1.5 million for two-bedrooms, to R2.5 million for larger apartments, while small homes in areas such as Glen Anil, Glen Hills and Park Hill sell between R1.5 million and R2.5 million.

Medium-sized, three or four-bedroom family homes in central Durban North range from R3 million to R5 million, and larger four to six-bedroom homes in the upper areas of Durban North fetch from R5 million to R10 million

You can read more here

ALSO READ: Fact check: South Africans can indeed buy property on a mortgage in the UK