Kuta Beach, La Mer, Rockaway and Monterey residential developments, comprising a total of 89 units, are nearing completion on the KwaZulu-Natal lower south coast, being in various stages of handover from the developers to the new owners, reports Dina Porteous, Margate area principal for Pam Golding Properties. "These projects were sold during 2004/2005 and have proven to be excellent investments for investors, with some of these apartments yielding capital growth of 50 percent on the original purchase price, and with further growth of 10 percent anticipated towards the end of the year (2006). During the latter part of 2005 we launched a few new developments that have now broken ground. Foundations on St Tropez, Kingfisher and Colonial have now been cast, with occupation due to take place at varying intervals from November this year (2006) to April next year (2007)," says Porteous.
She says the lower south coast of KZN in general still remains very affordable to those seeking a second investment property.
"We have experienced an increased amount of enquiries this year and truly believe that it is due to the good value for money that the area still has to offer. In comparison with other coastal areas we are confident that our market is still price driven and affording buyers sound value for money.
"While the frenzy of investors has to a large extent dissipated elsewhere in the country, due to our proximity to Gauteng and the greater Durban area and coupled with high petrol prices, these markets are giving the south coast a re- look. Our office turnover has increased a staggering 46 percent for the year to date and we attribute this largely to the above factors," says Porteous.
Occupancy levels on PGP Margate's accommodation portfolio have also shown positive growth, with a 20 percent year on year increase. Portous says the successful marketing of the KZN south coast by the local authorities with projects such as 'Skattejag', Beeld newspaper and the local authority, together with the local Publicity Association's, the 'Greatest Shoal on Earth' marketing campaign surrounding the Huisgenoot Sardine Festival, and the Loerie Awards, many holidaymakers and sunseekers have been drawn to Margate's beaches recently.
Adds Porteous: "Margate Town Centre is currently being equipped with surveillance cameras to help make Margate an even safer destination. It is wonderful to see the Council and local business so committed to making this area a prime tourist destination."
Caption: View of Margate's main beach.
Photos: Top - View of Uvongo's main beach. Bottom – View of Margate's main beach.
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