The storm damage done to the KwaZulu-Natal north coast earlier this year has done nothing to douse the enthusiasm of property developers.
Although the property market in Ballito experienced a temporary setback when severe storms lashed the area during autumn, the long-term prospects for the whole stretch of coast are excellent, says Barney Fleiser, MD of Chas Everitt International in KZN.
“We see encouraging signs from property investors while developers from as far afield as Johannesburg are shopping around for development land here. The demand for such land is high and developers are willing to offer a premium to entice landowners to the negotiating table.”
He says developers are contemplating new units across the full spectrum of residential property, from sectional through to full title and fractional ownership.
Fleiser says the top end of the residential market has slowed down slightly, in step with markets elsewhere in the country, “but we accept that as part of the normal property cycle and expect demand to pick up in future.
“Meanwhile, there is currently great demand in the price range from R1m to R2m and it is this market that promises quick sales for developers. Local residents as well as holiday buyers are vying for units in this segment.
“Fractional ownership is currently also a hot market, with increasing numbers of buyers clubbing together in order to afford luxury holiday properties.”
Units in lifestyle estates have retained their popularity, he says. “Technology is making it possible for professionals to settle in these estates without having to commute every day, and some developments also provide good schooling.
“We are aware of one resident in such an estate, for example, who actually owns a plumbing business in the UK and manages the whole operation from here.”