KwaZulu-Natal - Booming Property Market
The province of KwaZulu Natal is booming, as the property development phenomenon surges on. Albeit somewhat of a slow starter, KZN is now playing catch up with the rest of the country as vast tracks of beautiful land are snatched up by developers and investors alike.
Nestled between the Indian Ocean coast line and the dramatic backdrop of the Drakensberg Mountains, Kwa-Zulu Natal is without doubt the core of the South African investment market from an opportunities point of view. Few cities can boast such rich heritage, offering the investor everything in one province, from breathtaking mountains, to sun-drenched beaches, unmatched game viewing and two World Heritage Sites; The Greater St Lucia Wetlands and The uKhahlamba Drakensberg Park.
As iterated by Rodney Hayter, Sunday Tribune property editor, buyers in KwaZulu-Natals new residential developments account for an estimated 30 percent of all residential sales in the current market and this number is expected to peak further as stock in the existing home market continues to shrink in the face of record demand levels generated by the 30-year-low in homeloan interest rates and a year-on-year real term 21 percent growth in the price of houses.
The KZN North Coast has certainly been the area experiencing the greatest amount of growth in the province as both businesses and homes has flourished. Estates such as Mount Edgecombe, Zimbali Coastal Estate and Simbithi Eco-Estate have sprung up and have experienced short terms of sale as investors clamor to obtain a piece of the action.
With the expansion of the North Coast, the once sleepy hollow of Ballito, has become one of the fastest growing town in KZN, as major retail and commercial business have realised the potential in tapping into this booming area. Just 30 minutes north of Durban, Ballito has for the most part, remained undiscovered by the rest of KZN, and viewed as a holiday or weekend destination, frequented largely by the Gauteng market.
Trade and investment on the North Coast is soon to experience a massive cash injection as plans for the Dube Tradeport become a reality and will see the establishment of an exciting state of the art export development incorporating a new air platform linked with the seaports of Durban and Richards Bay. The Tradeport will see the relocation of Durban International airport to La Mercy, on the KZN North Coast, the widening of the Durban Harbour mouth, the establishment and improvement of freight and cargo facilities and the increase in both commercial and retail opportunities, is bound to have an immensely positive. With these changes likely to change the very nature of the province, the property market is quickly responding and investment in North Coast property is becoming even more appealing.
Courtesy Lan Group