Virginia du Toit of the local Aida office says sales of such units to foreign nationals seeking holiday homes are booming, helped by the fact that properties in Ballito are as much as 40 percent cheaper than comparable units in nearby Umhlanga, long-regarded as the top destination on this stretch of coast.
"The biggest demand is for sectional title units in developments such as the 430ha Simbithi eco estate, but this creates a gap for buyers who are prepared to consider older property. For instance, at the entry-level of about R1,25m for beachfront property, buyers can choose between a new and compact two-bedroom flat or an older unit with three spacious bedrooms," she says.
However the emphasis on new developments targeting the holiday market is now creating a shortage of affordable units for local residents, she says.
"Rentals are a bit pricey for locals and there is definitely a shortage of one- and two-bedroom units for long-term rental.
"Demand in this sector is growing because an increasing number of people are prepared to commute to Durban, Empangeni and Stanger in order to live in Ballito and enjoy its relaxed lifestyle," she says.
The road infrastructure has also not kept pace with the very rapid expansion of the local property market, and traffic congestion in peak holiday seasons remains a nightmare, says Du Toit, but the proposed new coastal road is expected to relieve the pressure.
"The development of other infrastructure, such as the new Alberlito private hospital to open in March, is also on track."
For more information contact 012 682 9600 or 032 946 2844.
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