Richards Bay market buoyant as investment flows in

With the recent announcement of a further R2bn investment boost for its Industrial Development Zone, Richards Bay on the KwaZulu-Natal North Coast is poised for another massive growth spurt – and the only factor holding its property market back at the moment is a shortage of stock.

That’s the word from Sonja Dry and Joyce Ortmann, the new Chas Everitt International Notebook© licensees for Richards Bay and the neighbouring towns of Empangeni and Mtunzini.

This four-bedroom, three-bathroom home overlooking the Mzingazi Lake in Richards Bay is for sale through Chas Everitt International for R4,2m. It also has three living rooms, a large kitchen with separate laundry and scullery, a study, a large entertainment patio, a pool, staff quarters and a double garage, as well as an irrigation system and excellent security provisions.

The main purpose of the Richards Bay Industrial Development Zone (RBIDZ) is to attract and enable major corporate investments that will create sustainable jobs, foster skills transfer and promote local economic development, and as it continues to fulfil this mandate, Dry and Ortmann say, it is driving additional demand for residential property in Richards Bay and the surrounding areas.

The City of uMhlathuze municipality, which includes Richards Bay and Empangeni, is already home to some of South Africa’s key enterprises, including BHP Billiton, Mondi Paper, Foskor and Transnet, as well as the Richards Bay Coal Terminal, they note.

“Now experts have predicted the investments into capital projects in the oil and gas, and renewables sectors will generate 1600 more employment opportunities, and an influx of homebuyers is already having an impact on stock levels.

“Entry-level buyers aged between 18 and 35 are our primary purchasing group at the moment, but although home prices in this area start from around R350 000, they range all the way up to around R4m in the exclusive suburb of Merensee.” 

Dry and Ortmann, both of whom have long experience as agents in the area, say they decided to join forces as the local Chas Everitt International Notebook© licensees because the group offers efficient and professional business and administration systems as well as a range of marketing platforms.

“It was also important to us to be able to offer professional bond origination services directly, ensuring much faster transactions and transfers,” says Ortmann.

“We know there is already huge potential in the market here, and new commercial developments such as the John Ross Eco-Junction being built by Liberty Properties will boost the attractiveness of Richards Bay even more. This R220m development is a healthcare facility due for completion at the end of next year.”

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