The KwaZulu-Natal North Coast is the new hot spot for property buyers both old and young and with a big commercial avocado industry and trending atmosphere, millennials are now looking at the area for new investments.
The province is home to beautiful and warm beaches together with affordable accommodation made it a favourite for family vacations.
Andrew Thompson, sales director with the eLan Property Group, said that the area is popular with new homeowners and retiring individuals or people who are looking to expand their portfolios.
Carol Reynolds the Pam Golding Properties area principal for Durban Coastal agrees that Durban is becoming an emerging property centre.
Reynolds said that the focus has shifted to the sunny shores of KZN.
She said, “Internationally renowned developments like the Oceans in Umhlanga have put this region on the international stage, and so for the first time in years, we are seeing international buyers looking to invest in KZN”.
The climate, the relocation of the airport which has made the commute to Johannesburg even simpler and the more affordable property prices have contributed to KZN emerging as the new property capital of SA.
On the price of property in the province, Reynolds agrees that there has been increases.
“KZN has experienced steady growth year-on-year, whereas other regions have experienced peaks and troughs. KZN is gaining momentum and hence property is becoming more and more desirable in this region,” said Reynolds.
In the past two years, there has been a substantial increase in semigration from Johannesburg down to the North Coast according to Seeff.
The main reason has been for a choice of the lifestyle offered in KZN, especially with regard to relocating to the coast.
Reynolds agrees that Durban is a popular destination choice for people who semigrate. She said “Johannesburg commuters are choosing Durban ahead of Cape Town now because it is an easier commute including those who travel weekly to Gauteng on business while the family resides in KZN.”
This article was written by Dhivana Rajgopaul and sourced from IOL/BusinessReport; the original publication can be viewed here.