Durban’s second hosting of the A1 Grand Prix last weekend brought a plethora of motoring fanatics and keen property investors to Durban according to local agents operating the Berea area.
Berdine Lang of Lew Geffen Sotheby's International Realty, Berea said the street circuit set out along Durban’s beach front attracted in excess of 105 000 spectators and proved an excellent way to showcase the city - specifically the Berea – the suburb that many spectators used as a base for the weekend.
“We have recently experienced unprecedented interest from up country investors, mainly through our show houses on the Berea. These buyers seem to focus on the Glenwood and Glenmore areas where 1-2 bedroomed apartments range from R600 000 – R800 000.
“These areas are close to Durban University, good schools and city night spots where investors can easily cover their bond repayments with R3500 a month rentals.”
Lang says as soon as you move over to areas like Musgrave and Morningside similar properties cost 50% more and, although these areas are locally very sought after, investors buying for future returns are hesitant to fork out more cash to cover bond repayments.
“CBD abutting suburbs, Glenwood and Glenmore are two of the more established Durban suburbs offering investors ‘character space’ similar to that found in Cape Town’s Tamboerskloof or Johannesburg’s Killarney.
“Apartment blocks are older and more spacious than new developments being built further up the North Coast and freehold houses and cottages are affordably pried between R900 000 – R1.2 million.