Located north of Durban along the coast of KwaZulu-Natal is the residential, commercial and resort town of Umhlanga.
This two bedroom, two bathroom apartment in Umhlanga has a fully fitted kitchen, open plan lounge and dining room, and a patio. The apartment building is secure and comes with two parking spaces. It is on the market for R1.445 million - click here to view.
The area has become a popular holiday destination and development in the region has been gradual but consistent, and what was once a small village is now a commercial hub with many upmarket amenities.
Many businesses that were previously situated in central Durban have chosen to relocate to their head offices to Umhlanga. In 2010, the Durban International Airport was also moved to La Mercy, which is within close proximity to Umhlanga, and was reopened as King Shaka International Airport.
Expansion led to the development of Umhlanga Ridge, a retail and residential node situated on a hill that overlooks Umhlanga Rocks and the Indian Ocean. The area is made up of the corporate precinct and plush residential districts and the Gateway Theatre of Shopping is located in Umhlanga Ridge, along with various other shopping centres, businesses and a private hospital.
The New Town Centre has attracted many professional, multinational firms to the region. It has been under construction for almost a decade, with civil infrastructure costs amounting to approximately R200 million to date.While Umhlanga Ridge has seen remarkable growth over recent years, strict guidelines to development have ensured investors that no further development of the region will adversely affect their investment.
This three bedroom, two bathroom townhouse has ocean views, a modern kitchen and large living spaces. The property is within walking distance of the beach, has a patio, a swimming pool and a double garage. It is on the market for R3.35 million - click here to view.
Adrian Goslett, CEO of RE/MAX of Southern Africa, says that property in Umhlanga Ridge New Town Centre is almost entirely made up of sectional title units, with only 1.49 percent freestanding homes, which explains why sectional title units are outselling freestanding homes by approximately 133 to one.
He says property prices in Umhlanga Ridge have remained fairly stable, with current prices almost exactly where they were during 2007. He notes that in 2007 the average price of a freestanding home was around R11.142 million and a sectional title unit cost around R1.123 million. Today the average price of a freestanding home is about R10.432 million, while a sectional title unit is around the R1.055 million mark. According to Goslett, aside from a spike in sales seen during 2007, the number of sales transactions concluded each year has also remained more or less at the same level from 2008 until 2012.
Data from Lightstone reveals that consumers aged between 36 and 49 years old are responsible for approximately 36.6 percent of recent buying activity. This same demographic also accounts for 42.84 percent of the current homeowners and 33.75 percent of recent sellers. Another active age group are younger consumers between the age of 18 and 36 years old, who account for 31.37 percent of the recent buying activity.
Goslett says that nearly 60 percent of all homes sold between May 2012 and April 2013 were priced between R800 000 and R1.5 million. Properties that fell within the R400 000 to R800 000 category represented 17.9 percent of the area’s sales, while properties between R1.5 million and R3 million represented 16.4 percent. He notes that around 7.5 percent sold during this period were sold for more than R3 million.
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