Durban - the fun place to live

Durban, the second-largest city in South Africa with the largest seaport is in the midst of a massive upgrade programme. 

The five-year plan will incorporate a giant theme and water park, a revamp of the cruise terminal and the transformation of all the main beaches into Miami-style tourist hubs. Sporting tourism and the construction of the sports academy is a major focus.

Since the initial upgrading of the promenade, the city has been transformed into a family and tourist destination.  Construction continues along the beachfront, northwards from Blue Lagoon to Country Club Beach Resort. New parking areas, landscaping and dune rehabilitation, kiosks, restaurants and new paddling pools are all part of the plan.  

All this bodes well for the property market says Jawitz Properties Durban franchise Principal Amod Osman. “Residential prices are now on the rise after a somewhat lackluster couple of years.  The year-on-year statistics point to an 8.8% increase,” he says.

Out of a population of four million the residential market is split between 70% of those preferring to live closer to work, 20% holiday makers and 10% retirees looking for a home on the beachfront.  This year alone, the demand for holiday apartments has increased by 25%, fuelled by up-country buyers wanting a seaside lifestyle with clean and safe beaches and fun things to do with the family. 

Prospective buyers are spoilt for choice, depending on their income.  North Beach is considered up-market with three bedroom apartments in the R2.5m range.  “The record so far this year was taken by a R4m, four bedroomed home with a swimming pool and beautiful sea views. It must be remembered, however, that buyers tend to commit to a sale once they are comfortable that the price is market related and they see value in their purchase,” says Osman.

South Beach offers good value mainly because of its proximity to Ushaka Marine World where prices are affordable. The average apartment with two bedrooms, two bathrooms, and safe parking starts at R650 000. The Esplanade and mid South Beach have some excellent properties in the lower to middle bracket.

Being a holiday destination, it is no surprise that the rental market has increased 10% year-on-year.  At the lower end, a one bedroom flat costs R4500 per month, whereas a three to four bedroom apartment could range between R8000 and R10 000.  A block of flats, the Tafta on South Beach, has beautiful views and deals exclusively for the elderly.

“Despite all the fluctuations on the economic front, the intrinsic value of homeownership is inherent in us all and in the long-term, property will remain in demand as a sought-after asset in any portfolio,” he says.

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 23 Jan 2018
      Many people only start thinking about home-ownership when they are ready to “settle down” or start a family, which is why first-time buyers these days are generally in their mid-30s, compared to those in the previous generation who were usually in their mid-20s.
    • 22 Jan 2018
      Moving away from the city to a country or coastal town and a slower-paced life is a frequent new-year resolution for South Africans, but thorough research should be done before you break free from the hustle and bustle, because making the wrong move could turn out to be a very expensive mistake, and even more stressful for you and your family than staying in the “big smoke”.
    • 22 Jan 2018
      Cape Town is home to many breathtaking and historic homes, but House Invermark designed in 1969 by South African architect Gilbert Colyn, with inspiration from two modernist icons: the Glass House by Phillip Johnson and Farnsworth House by Ludwig Mies van der Rohe is in a class of its own.
    • 22 Jan 2018
      2017 was a challenging year for the South African property market in general, despite small pockets of thriving activity in areas like the Western Cape. As we head into 2018, Tony Clarke, Managing Director of the Rawson Property Group, casts his eye forward to property trends and market influences that could make their impact felt in the New Year.
    • 19 Jan 2018
      Extending from Randfontein in the west to Roodepoort in the east and including the towns of Krugersdorp and Magaliesburg, the West Rand has a plethora of property available to residents who choose to make this unique area their home.
    • 19 Jan 2018
      When it comes to financial planning, doing the work to ensure you’re prepared for unexpected emergencies is just as important as ticking off your other goals and New Year’s resolutions. The beginning of the year is also the perfect time to review your various insurance policies.
    • 19 Jan 2018
      No surprises at the first Monetary Policy Committee of 2018, as Reserve Bank Governor, Lesetja Kganyago, announced that the interest rates would stay at their current levels.
    • 18 Jan 2018
      The Southern Suburbs make up some of the most popular residential areas in Cape Town, comprising charming groups of suburbs which lie to the south-east of the slopes of Table Mountain. It is seen as the city's most expensive residential neighbourhoods with a choice of various private schools, upmarket eateries, wine estates, beautiful homes and trendy apartments.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us