KZN coastal property booms

UMHLANGA remains a hotspot for high-end buyers willing to pay millions for their new – and sometimes second – homes near the ocean.

According to Brett Botsis, Seeff’s licensee for the area, the company has been inundated with enquiries from high-net-worth buyers about gated estate living or upmarket sectional title properties close to the beach.

“The buyers are confident and relaxed about investing their money in these high-end properties, so much so that we have seen significant prices this year, including a penthouse in umhlanga Rocks that sold for R27.5 million. The market has remained very active, even in the lower-priced R2.5m to R5m range, and also the R10m to R30m price bracket,” he said.

Botsis said aside from local buyers, the highest demand was from Gauteng and other upcountry provinces, who were looking to move to the area or invest in a second home to take advantage of remote working to escape the confines of the pandemic.

“They are also wanting holiday homes close to the beach, while semigration buyers look for a mix of security and lifestyle, hence the demand for gated-estate homes and sectionaltitle properties.

The Pam Golding Properties group said they had also experienced a boom in buyers for the area.

Gareth Bailey and Carol Reynolds, Pam Golding Properties’ area principals, said the easy access to King Shaka International Airport, key arterial

routes in and out of the Durban area, umhlanga and nearby Sibaya Casino are ideally placed to attract out-of-town buyers looking to relocate.

Reynolds said the province’s coastal strip was the place to be. Seven years ago pricing developments in umhlanga went for about R20000/m2, but were now selling for R60 000/m2 plus.

“The ‘Signature Sibaya’ development has virtually sold out, with vacant land fetching prices of R10.5m for 2 000m2 of prime land, which means the end price will range from R20m up to R40m. We’re even pricing at R65 000/m2 at Oceans umhlanga in the Village, which was only due to transfer in April next year,” she said.

Reynolds said their top-end sales along the North Coast generally achieved prices in excess of R20m.

“These include homes in estates like Hawaan Forest as well as mansions near the beach and in the heart of umhlanga Village. Clients will pay for prime positions and security, while homes with sea views always command high prices,” she said.

Bailey said luxury apartments were also on the priority list for upcountry buyers, particularly beachfront units.

“Demand for North Coast properties is driven by the area’s location, infrastructure and long-term investment potential,” he said.

Bailey added that generally, the semigration over the past two years, has been primarily to coastal living and in estates. “This trend was reinforced by the lockdown, which freed people from the need to live in close proximity to their places of work.”