A local real estate group recently expanded into KZN's Richards Bay, where 1712 properties changed hands last year and more than 40 estate agents currently operate.
Madelene Holtzhausen of Lew Geffen Sotheby's International Realty, Richard's Bay says, "The Richard's Bay property market is extremely active due to new development, both residential and commercial, which is bringing with it an increasing number of residents and visitors.
"The main shopping precinct, 'The Boardwalk' is in the process of being doubled in size and there are several large residential estates that are waiting for the go ahead.
Holtzhausen says that entry level, 1 bedroomed apartments in Richard's Bay currently cost between R600 000 - R800 000.
"Less basic homes, on 150 – 400 square meter stands, range from R850 000 - R950 000, consisting of 3 or 4 bedrooms and 2 or 3 bathrooms, including pool, entertainment areas and double garages. And for a newly built or renovated home you will pay anything from R1 million – R10.8 million
"Richards Bay's main attraction, Lake Mzingazi, a 944ha freshwater lake is home to an abundance of hippo and crocodile and is the feeding ground of fish eagles for which the area is renowned. There are several waterfront complexes with launching facilities, where one can purchase a 1 bedroom apartment for around R750 000, going up to R3 million for a 3 bedroomed unit."
Richards Bay, Empangeni, Esikhawini, Vulindlela, Felixton, Nseleni and Ngwelezane, as well as a number of rural areas, make up the City of uMhlatuze, which gained city status in 2001. Richard's Bay is considered the industrial and tourism centre of the area, occupying 37% of the total 796sq/km municipal area.
Richards Bay began its existence as a small fishing town and flourished with the development of the local port, the country's largest and deepest, in 1976. It has been earmarked by government as one of SA's growth and development points, and through the Industrial Development Zone Initiative is set to attract ongoing and further investment.
For more information contact 072 312 6903.
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