DURBAN - Due to demand in the property sector for sectional title opportunities within secure estates, especially along KZN’s North Coast, Balize Private Estate has introduced free-standing sectional title homes within the estate.
Interestingly, many estates are including more sectional title properties to meet the demand of those no longer wanting larger freehold homes.
Neil Slatter, development representative said: “We have taken the decision to enhance the offering at Balize Private Estate to be more in line with current market demands. Our trend analysis has shown us that a large portion of the South African real estate market is asking for the privacy and comfort of a free-standing home, but also the peace of mind that comes with being within a secure estate.”
Looking at trends in the market, the popularity of sectional title property includes security, convenience and accessibility as well as a lock-up-and-go lifestyle. In South Africa, out of 6.6 million homes, almost 12% of those are sectional title dwellings.
“Part of the appeal of Balize Private Estate is that it offers something for families at different life stages - from young families with small children to retirees,” said Butch James, sales director of Balize Private Estate.
The developers of Balize Private Estate said it is within one of the country’s key “growth nodes” - the Sibaya Coastal Precinct has seen unprecedented growth over the last 12 months to virtually become the most sought-after node. A total of R3.2billion worth of sales have been transacted within the precinct, and based on current growth, these figures are only set to rise further. They said from an investment perspective, the Sibaya Coastal Precinct, and moreover Balize Private Estate, offers investors the potential for strong capital appreciation - the fact that Balize is a low-density boutique estate only adds to its appeal and forecasted value. In the first quarter of 2018 alone, sectional title inflation was as high as 4% compared to the average freehold inflation which sat 0.4% below this.
“With an enhanced offering, Balize Private Estate brings a range of opportunities to the market from grand penthouses to lock-up-and-go Cabanas and free-standing homes.
“It is this demand which will push home values up; and with the ongoing development within Sibaya Coastal Precinct, homes are looking to appreciate in value even further over the next decade.”