19 May 2011
KwaZulu-Natalhas seen rapid growth in the number of housing estates that have developed along the north coast and with the opening of the new King Shaka airport – and planned major development investment through the Dube Tradeport – it seems that even more estates are being planned for the region.
According to Durban estate agency, Wakefields, Zimbali Coastal Resort, the 332-hectare Simbithi Eco-Estate between Ballito and Salt Rock are two examples of the new estates that are booming in the province.
It says that at Umhlanga there is the Hawaan Forest Estate, Somerset Valley Estate and Mount Edgecombe Country Club Estate all of which are providing excellent investment opportunities for buyers and offering rental returns of between 4% and 7% along with strong capital growth.
Wakefields says that rentals in these secure estates range from R15k to about R50k a month, a clear indication that people are prepared to pay for the security of living in a safe environment.
Wakefields is now focused on selling properties in these estates, where land prices start at about R1-million and property prices range from apartments costing about R1-million to homes costing millions and millions of rands.
In Zimbali, for example there is a brand new home built on an island site with an exceptional position, exceptional views over the golf course towards the sea and plenty of light that is selling for R16,5-million.
In Simbithi, a property with 3 bedrooms, two bathrooms, a guest suite and situated overlooking the Warbler Pool is on the market for just under R5-million while in Mt Edgecome, a three-bedroom, three bathroom home with a huge patio and pool, separate TV room and fitted study is selling for R5,5-million.
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Paddy HartdegenFreelance columnist at property24.com.
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