Learn more about New Town from local property experts.
How was New Town changed over the past five years?
Umhlanga New Town Centre is an eclectic mix of retail, commercial and residential spaces offering modern living, functionality and accessibility. The past five years have seen an increase in developments, improvements in services and amenities with aesthetically pleasing parks and great area security. This in turn has attracted younger buyers to the area (37%).
There has been an exceptional marked increase in returns on property investments in the area which is very attractive to investor buyers. The average income range of residents/owners in the area is much higher now than previous years (currently ranging from R37,000 to R43,000).
Who is buying property in New Town and what types of properties are available?
Demand for properties in this area is high and the purchasing of a sectional-title unit in a complex is proving to be an excellent investment. Sectional-title developments consisting of various apartment sizes include studio, one-, two- and three-bedroom apartments, duplexes, as well as penthouses. The target market ranges from first-time homeowners to young professionals working in the area and also investors investing in the rental market.
The vibrant town centre brings residential, commercial, retail, medical, educational and leisure elements together to create a holistic, mixed-use environment that offers a multitude of shopping, entertainment and accommodation options.
What do you love most about New Town?
From a business point of view, New Town offers affordable living and investing in the heart of the burgeoning Umhlanga Rocks area. The recent explosion of growth in commercial property in areas like Ridgeside Office Park and La Lucia Ridge Office Estate have increased demand for residential accommodation in the area. This has presented an attractive opportunity to investors seeking to capitalise on this demand. From a personal point, I think Chris Saunders Park adds great value as a green focal point for the area where people come together to enjoy weekend markets and various other forms of entertainment.
This article originally appeared in Neighbourhood, Sunday Times.
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