The appealing KwaZulu-Natal north coast towns of Ballito, Salt Rock and Sheffield are experiencing a sharp increase in enquiries for permanent homes.
In the Ballito area these are mainly in the price range from R1 to R2,5m, says Clive Greene, Pam Golding Properties' (PGP) area principal based in Ballito.
"These areas continue to grow in popularity particularly among those seeking permanent residences, and the fact that the new King Shaka International Airport at La Mercy is ahead of schedule will have a profound impact on our housing market, increasingly so as the year progresses and predominantly in this price range. Furthermore, the ongoing demand for homes is also driven by the success of the now established business hubs and office parks in Umhlanga and La Lucia.
"We have also seen an uptick in enquiries at the higher end of the market and have just concluded the sale of a four-bedroom apartment in Zimbali for R8,5m as well as the sale of a four-bedroom (all en suite), beachfront apartment in Chakas Rock for R5,8m. The upmarket area of Sheffield is becoming very sought after. Beachfront property is prime with house prices varying from R10-R25m," says Greene.
He says residential developments in Zimbali and Simbithi are still proving extremely popular and are maintaining their prices. Zimbali appeals to a niche market which seeks upmarket homes with a secure lifestyle and here selling prices range from R15k-R40k per square metre. Somewhat more affordable, Simbithi, with its secure living and family-oriented environment and activities appeals to a broad spectrum of buyers, with selling prices between R10k and R15k per square metre.
Greene says while residential estates and beachfront apartments are in demand among those who are prepared to pay for the highly desirable location, apartments set further back from the beach are also sought after as investment buys or for leisure use.
And with the ongoing trend towards people moving northwards from Durban and as a result there's already a shortage of schooling. The new airport is also expected to employ some 9000 people as opposed to the 3000-odd currently employed at the existing airport south of Durban.
"Developers have seen the need for affordable residences and some are in the pipeline to be developed in 2010 – the problem is the banks' reluctance to lend in the price bracket from R1-R2m. In addition, while at present there is a surplus of commercial office space and land available, this will very soon be taken up as the airport nears completion. Secondary industry due to the airport will be massive and together with the growth in commercial and light industrial businesses over the next two years will place severe pressure on our housing market right across the board," adds Greene.
Image 1: This five-bedroom, five-bathroom ultra modern home of 560sqm is set on 1721sqm in Zimbali and is on the market at R18,999m.
Image 2: This five bedroom, five bathroom family home in upmarket Sheffield Beach is on the market at R4,95m.
For more information contact Clive Greene on 036 946 3430 or send an email.
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