KZN North Coast predicted to be next big boom area in South Africa - Seeff
DURBAN - On the North Coast of KwaZulu-Natal, a consistent amount of property is continuing to be sold, even during these unprecedented times and this demand clearly underscores the persistent popularity of the area.
During session 4 of the “Let’s Talk Property” webinar, a select panel hosted by Derek Watts, which included Samuel Seeff, Chairman of Seeff Properties, Carl van den Berg, Business Development Executive from Private Property, Siphamandla Mkhwanazi, a Property Economist from FNB, as well as several other Estate Agency Chief Executive’s, discussed where they perceive or predict are SA’s current and future Hotspots.
“Hot Spotting” is considered an informed speculation of where the next ‘big boom’ location will be. In the live poll taken during the webinar, the KZN North Coast came out on top with 39 percent compared with the other national areas, the next closest area being the Atlantic Seaboard at 27 percent.
Carl van den Berg shared some consumer behaviour insights which showed that even during this lockdown period, people have been searching online with “intent” and one of the most searched for property sectors has been for new developments.
The North Coast has always been a popular holiday destination; however it has also reinvented itself to become an area of choice for various types of investors.
The area has enjoyed a long term track record of outperforming the average national growth statistics, and this is expected to continue due to the demographics of the people living in the immediate areas as well as the many families who are still relocating here.
Adding to other established developments, many new developments have been launched in recent times including Montcalm in Zululami, Elaleni, Zululami, Seaton Club and Springvale Country Estate all of which are contributing to the luxury of choice when it comes to secure gated environments with great communal facilities.
This type of development has also been driven by buyer preferences and the live poll from this discussion once again showed the most desirable investments being estates at 66 percent.
There are however several additional new developments in the pipeline one of which is Odyssey Ballito – a ground breaking mixed use precinct encompassing medical, residential, retail and commercial space which is set to add a new dimension to the local property and investment landscape.
Interest rates are currently at a historical low and this is a major driver of investment. Siphamandla Mkhwanazi stated that the banks have seen an increase in bond applications from many potential buyers and all indications are that this is a positive time for investment.