Gauteng buyers prepared to pay R10m for stands in KwaZulu-Natal estates
Gauteng buyers are semigrating to KwaZulu-Natal – specifically to the North Coast region – and are prepared to pay more than R10m for a stand in an exclusive estate.
“Some 60% to 70% of our buyers in the upmarket Zimbali area are from Gauteng, semigrating to the coast,” said Neil de Beer, Pam Golding Properties area manager for Ballito. “The remainder are mainly those relocating from the greater Durban area to the North Coast as well as some overseas buyers, who account for less than 10% of the total. These are often expatriates returning to South Africa or acquiring an investment closer to home while they are based abroad, or acquiring homes for holidays in the interim and potential relocation on retirement in the future.”
De Beer said beachfront homes in Zimbali are most desirable, with vacant land already fetching prices from R11m to R14,5m per site.
“Two years ago we were pricing developments in uMhlanga at R20,000 per square metre, now some of our developments are selling for as much as R60,000 per square metre, reflecting unprecedented growth,” said Carol Reynolds and Gareth Bailey, Pam Golding Properties area principals for Durban Coastal. “The ‘Signature Sibaya’ development has almost sold out with vacant land fetching prices of R10,5m for 2,000m² of prime land, which means the end price for the homes will range from R20m up to R40m depending on finishes.”
Sandra Gordon, senior research analyst for Pam Golding Properties, reaffirms the trend towards semigration to the KZN North Coast.
“While the ongoing semigration of South Africans from the interior to the coastal provinces has been a critical factor behind the out-performance of the Western Cape housing market in recent years, it appears that soaring Cape house prices, combined with worsening congestion in the Mother City, is prompting many home buyers to consider other coastal destinations – particularly the North Coast of KwaZulu-Natal.”
Top photo: Set on a majestically elevated site in quiet cul-de-sac in the heart of Zimbali Estate this luxurious, contemporary design five-bedroom, five-bathroom home commands panoramic sea and resort views. Priced at R15,5m through Pam Golding Properties