The property market as a whole may have taken a knock recently as a result of consecutive interest rate hikes and a tightening of credit controls, but demand for property in premium locations continues to fuel market growth. A prime example is the La Lucia area, some 14 km north of Durban, which offers a tranquil and up-market environment together with a range of exciting and convenient facilities.
William Campbell, Principal Agent for Lew Geffen Sotheby's International Realty Umhlanga, says that as an established and secure residential suburb, La Lucia will always hold its value.
"La Lucia has an amazing ambiance which no other suburb has been able to capture. The established, lush gardens and tree-lined streets, together with the nature reserve in the heart of the suburb and some amazing sea-views, make La Lucia a haven of peace and tranquility," he says.
"And yet it is only 4 km from Umhlanga Rocks, right next door to Gateway - the largest 'shoppertainment' complex in the Southern hemisphere - and in close proximity to good schools, shopping complexes, highways, office park developments and fitness facilities."
Campbell says that La Lucia is often the first choice for buyers looking for freestanding homes, and that, while there are not many sectional title units within the more established areas, new developments - particularly on Ilala Ridge and La Lucia Ridge - offer this option.
"From a property market perspective, La Lucia has enormous potential. We are already receiving enquiries from prospective buyers involved with 2010 and with the La Mercy airport development. Ultimately, La Lucia's location and the lifestyle opportunities it offers will ensure that it remains a highly sought-after area, with obvious implications for
property prices," concludes Campbell.