Apartments fly off the market in Umhlanga

Apartments surrounding the Gateway business node in Umhlanga continue to
sell at an unprecedented rate, as young professionals snap up property in
one of Durban's most prestigious 'working' suburbs.

William Campbell of Lew Geffen Sotheby's International Realty says,
"Umhlanga has experienced a huge amount of development, but it seems that as
fast as sectional title units are being built, they are sold. Over the
festive season we are expecting an influx of upcountry holidaymakers, many
of whom will add to this demand for sectional title properties in the
suburb, buying self contained apartments for holiday purposes.

These buyers typically look for units in newer developments in order to
avoid maintenance issues and also to capitalize through holiday rentals of a
new, modern apartment by the seaside.

"One bedroomed apartments start at around R780 000 and are typically sized
at between 55-60 square meters. Anything below R2 - R2.5 million in La Lucia
or Umhlanga usually sells within two to three weeks of coming onto the
market, if priced correctly.

"With talk of an international university soon to be established at Gateway,
it is likely that properties, especially entry level, will escalate in
value.

"The Umhlanga market has been one of the best market performers in recent
years - six months ago we sold the highest price property in the area to
date - a Lower La Lucia beach home that went for R9.8 million.

"Property on the North Coast of Durban continues to fetch prices of between
30 -40% higher than that on the South Coast which comes mainly down to
infrastructure, proximity to CBD areas and schools."

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