The residential property market in Shelly Beach on the KZN South Coast now offers bargains for investors with cash to spare.
The owner of the local Aida office, Hans Stols, says rising interest rates have created brilliant opportunities for investors in the luxury market.
"Tougher conditions are forcing sellers to scale down their asking prices. For instance, we have just listed a prime property that was independently valued at R8m by professional evaluators, for just R5,5m. It is a beachfront home of 700sq m under roof on a 2,000sq m stand that offers stunning ocean views."
He adds that good value is also to be had at the lower end of the market.
"Most properties are priced at less than R1m and homes at the R1m mark are usually comfortable family homes with added features such as swimming pools.
"And although scarce, holiday flats in our franchise area, stretching from Shelly Beach to Mtwalume, can still be purchased from R500k."
He reports that the residential development market is still buoyant with several projects underway. "One of the most popular is The Farm, an eco estate that offers about 200 freehold units in a secure area about 1km from the beach. Construction has started and packages are available at prices of between R1,9m and R2,7m."
Shelly Beach, situated between Port Shepstone and Margate, is a popular holiday destination and serves as the shopping hub for permanent residents in the area. Two of the biggest shopping complexes in the region, the South Coast Mall and the Shelly Beach Mall, are situated in the town.
Image: This 750sq m (under roof) property is priced at R5,5m.
For more information contact Hans Stols on 039 315 1515.
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