DURBAN - The value of property in the north of Durban is set to rise with the influx of new developments across the province.
Some of these new developments include Oceans Umhlanga, the Cornubia Mall and the Mount Edgecombe Retirement Village.
According to Simon Bray, CEO of Private Property, "the north of Durban has attracted both residential dwelers and businesses to the area. Buyers are attracted to the living, work and play lifestyle that can be found in Durban North".
He added, "As a result of this, property prices have steadily increased since 2009 and the area now has some of the most expensive properties in the greater Durban area".
The estimated the property value of northern Durban is in the billions according to Andreas Wassenaar, the Licensee and Principal of Seeff Dolphin Coast.
Wassenaar made some estimations about the property value in areas like Ballito, Umhlanga Rocks and Sibiya precinct.
"The Umhlanga Rocks node is approximately R5bn and the Ballito node approximately R2,5bn in overall sales per annum. Just the Sibaya precinct itself has the potential to add billions of sales over the next 5-10 years".
Bray said that for the property market in general, economic and political stability will help to improve consumer confidence.
With increased confidence and an improvement in the economy, the property market will be strengthened.
Wassenaar also agreed. He said that political stability and economic growth are the underlying fundamentals that will be needed to make sure that the current demand is sustainable.
In terms of property trends for Durban in 2018, the growth is trending towards the north. The airport is an important catalyst for growth, both for the residential property and commercial/industrial investments. The world-class infrastructure from the airport and northwards ensures that growth will continue to expand and draw more people and businesses to the larger area from Gauteng.
- BUSINESS REPORT ONLINE