Investors target Umhlanga apartments
The KwaZulu-Natal town of Umhlanga has become one of the most sought-after areas in South Africa among both home buyers and investors. In fact, the high number of residential sales in the area has led to the town being rated No 2 out of 309 towns in SA for the number of sectional-title homes sold over the past year and No 7 out of 835 towns surveyed by property data company Lightstone for the number of freehold properties sold.
The latest data shows that Umhlanga achieved 755 sectional-title property transfers and 173 freehold registrations in 2017.
According to Greg Harris, owner of the Chas Everitt International franchise in Umhlanga, the high demand, especially in the original village of Umhlanga Rocks, is a result of its ideal location.
“The old adage location, location, location still applies and homes along the North Coast property corridor with sea views are attracting an increasing number of both South African and foreign buyers, and developers are responding to meet this rising demand.”
He says that Umhlanga Rocks has emerged as a focus of this large-scale development over the past 10 to 15 years. “And in the process it has been transformed from a quiet seaside village into a thriving, uber-fashionable town that offers designer shopping, gourmet restaurants and Dubai-style high rise apartment living – while still managing to retain its neighbourly atmosphere.”
Apartments here provide panoramic sea views and residents can also enjoy beach and leisure activities, a newly renovated promenade, and a range of amenities within the New Town Precinct including Gateway Shopping Centre.
Prices of inland apartments within walking distance of this giant shopping and entertainment complex range from around R900 000 to R26m, while those for apartments on Lagoon Drive range from R3m to R35m. Luxury ocean view units in the exclusive Oysters and The Pearls precincts are priced at R3,5m to R25m
Harris says that Umhlanga is also one of the most lucrative property investment locations in KZN. “And sectional-title schemes generate stronger capital growth than freehold properties, so investors will see higher returns if they purchase two or more rental apartments rather than one house.
“However, investors along the KZN North Coast are spoilt for choice as there is a multitude of new developments planned and in the pipeline for the whole stretch of coastline from Umhlanga to Sibaya.”
Issued by Chas Everitt International
For more information contact
Greg Harris on 082 414 7490
Or visit www.chaseveritt.co.za
05 Jul 2018
Author Meg Wilson