The small holiday town of Illovo on the coast of KwaZulu-Natal is situated approximately 30kms to the south of Durban.
Popular with holidaymakers, the area features lovely beaches and a wealth of holiday accommodation. It is also famed for its great fishing and is regarded as a top spot by both local and visiting anglers. The town falls within the eThekweni municipal area and is named after the iLovu River which, in turn, was named for the mlovu trees that have always grown on its banks.
Ideally situated close to highly regarded medical facilities and shopping centres in nearby Amanzimtoti, the area has really started to come into its own and this, it appears, is having a positive effect on property prices in the area.
According to statistics sourced from Lightstone, there have been a total of 98 transfers in the Illovo Beach and Illovo Glen area in the last 12 months. Freehold price averages in Illovo Beach increased dramatically in the first quarter of 2012, with the average price paid for a property falling into this sector of the market coming in at R930 000. When compared to the R478 000 overall attained in 2011, there certainly seem to be signs that properties listed in the higher price categories have seen some movement in recent months.
Market stock in this particular suburb comprises 74.39 percent sectional title property and 18.37 percent freehold property, with the remaining 7.24 percent falling into estates. The majority of sales in this area have fallen under the sectional title banner and in 2011, the price average attained for a property in this category came in at R601 000.
Illovo Glen, one of the town’s main suburbs, recorded 33 of the total number of transfers and in 2011, price averages in this popular suburb came in at R786 000 for freehold property and R492 000 for sectional title property.
Market stock in Illovo Glen comprises just over 84 percent freehold property with the remainder falling into the sectional title sector. The area appeals to the older set as the statistics indicate that the majority of owners who reside in this particular area are aged between 50 and 64 years of age. More than 38 percent of those living in the area have done so for longer than 11 years.