select
|

Interest and sales in Umhlanga Rocks on the up

Director of Seeff Umhlanga, Brett Botsis, says that the KwaZulu-Natal property market is currently offering golden opportunities for first-time buyersand investors alike.

"The prime interest rate is at an all-time low of 9%, and sellers are now prepared to negotiate on their selling prices. Correct adjustments are now taking place on the selling prices of properties and the banks' approval rate of bond applications is sitting at close to 50%. Property prices showed positive year-on-year growth in November 2011, for the first time since August, according to latest results released by bond originator Ooba, who also recorded a substantial increase in the number of home loan applications during November 2011, up by 36% on November 2010."

Botsis also says that Seeff Umhlanga is experiencing an increase in activity in their area. "Buyers are expressing positive sentiments about the property market and the opportunities it provides. In Umhlanga Rocks, a total of 237 units were sold in 2011, equating to a Rand value exceeding R630m, a 0.95% increase from 2010. In December Seeff Umhlanga's sales included a three bedroom, two bathroom, 213 m2  luxury apartment in lower La Lucia for R2.252m; a two bedroom, two bathroom, 105 m2 duplex on Marine Drive for R3.2m; a three bedroom, three bathroom, 150 m2 duplex on Lagoon Drive for R2.8m; and a large family home in La Lucia offering four bedrooms and a large entertainment area with sea views for R4.8m.

"We have a fair spread of local and inland buyers. For example, in the above four sales two were to local buyers, both upgrading to bigger properties to live in. The other two were to inland buyers from Johannesburg who purchased holiday homes, both for cash."

Botsis describes a few of the upmarket beachfront apartments on the books with Seeff Umhlanga. "We have a fully furnished, stylish sub-penthouse at The Oysters for R9.2m, a luxuriously renovated beachfront duplex with direct beach access, offering three bedrooms all en suite, for R6.5m, and a large three-bedroom apartment offering beautiful vistas and sea views over-looking La Lucia for R3.4m.

"There is constant interest in properties in Umhlanga, most of it local interest and activity with foreign making up about 5-10% of all queries. Property in Umhlanga Rocks is considered more of a ‘blue-chip' investment with returns being realised over a longer period - a hedge against inflation.

"The recovery in the property market in the area is evident from the increased activity levels and sales volumes. I think 2012 is going to be a great turnaround and take off year for Umhlanga. It is a prime area with limited properties that remain sought-after, which is a recipe for success."


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
    • 16 Nov 2017
      Cape Town’s popularity as a world-class tourist destination has resulted in a spike in the number of homes available for holiday lets and fuelled investor demand for sectional title units with short term rental potential.
    • 15 Nov 2017
      Sappi, one of South Africa’s oldest global companies and a leading global supplier of sustainable woodfibre products, has moved its global and regional headquarters to a new site on the corner of Oxford and 14th Avenue in Rosebank.
    • 15 Nov 2017
      There’s an old saying in real estate that you should seek to make a profit when you buy, not only when you sell – and a large part of succeeding at that endeavour is buying a home in an area with desirable features that will enhance the resale value of your property.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK