A look at the property market in Durban, and how the expensive areas compare to the rest of South Africa.
Do Durban’s more expensive suburbs compete favourably price-wise with other top areas around the country?
Durban is among Africa’s top 10 cities for US dollar millionaires. By 2025, with an expected 4,000 millionaires looking for homes in this region, high demand will cause prices to rise. Durban’s top suburbs are close to large corporate and commercial companies, King Shaka International Airport, uShaka Marine World, Sibaya and Suncoast casinos. Not only do Durban’s more expensive suburbs compete favourably price-wise with other top areas, but they are still undervalued by comparison and will catch up eventually, making this the place to buy.
What type of amenities do high-end buyers look for when investing?
Umhlanga has been tipped to become the “Dubai of Africa”. High-end developments such as The Pearls of Umhlanga and Oceans Umhlanga are currently taking shape, and this has further raised interest in this suburb. According to statistics provided by New World Wealth, Durban has had the biggest rise in high net worth individual residents in South Africa (29%). Conveniently situated a short distance from King Shaka International Airport, a gateway to Big Five reserves and easy travel to The Midlands and Drakensberg makes Umhlanga all the more desirable for residents, investor, owners and holidaymakers.
What attracts high-end buyers to the more expensive suburbs in KZN North Coast?
Ballito, the Caribbean of the North Coast, is an ideal holiday destination and is fast becoming a destination of choice for permanent living. It also has a growing business district as well as excellent private schools, several top-class shopping centres, a hospital, as well as top quality guesthouses and hotels. King Shaka International Airport is a mere 15 minutes away and will play an important role in the future development of the Dolphin Coast. The Dolphin Coast is home to the Zimbali Coastal Estate as well as the sought-after Simbithi Eco Estate and Golf Estate.
This article originally appeared in Neighbourhood, Sunday Times.