It would be fair to say that Durban’s North Beach has really come into its own since the FIFA World Cup was staged in South Africa in 2010.
North Beach in Durban Upgraded
Thanks to the upgrades, the area has been transformed into a top-notch tourist destination and this has had a major impact on property prices in the area.
Terence Hogben, principal, Leapfrog Durban Central, says that the additional number of tourists has impacted on how buyers feel – safer. “This isn’t surprising. Studies have shown that once an area is upgraded and the facilities are maintained, the crime levels drop.”
He says average prices in North Beach are roughly R600,000 for a bachelor flat, R1m for a one-bedroom flat and R1,3m for a two-bedroom flat. “Buyers believe that the area offers terrific value for money and this has led to a growing demand for property.”
Amod Osman, franchisee, Jawitz Properties Durban, says much of the popularity of the area is due to a growing demand from the Indian community. He notes that the majority of investors are “high profited” people who are looking for investments, and at this stage 70% of the owners reside in the area on a permanent basis, while the remaining 30% are second-home owners.
Hogben adds that although there are still a number of well-priced flats available, sellers are aware of the growing demand and this has, in many instances, led to overpricing. Nevertheless, beachfront property is always worthy of the initial investment in due course.
All in all, Durban’s Golden Mile is looking good, and the fact that the city is set to host the Commonwealth Games in 2022 means that the entire area will benefit from additional upgrades and investment by those who are willing to take the plunge at this stage. Investing in property here is undoubtedly going to bring buyers and investors healthy returns in the future.
Words: Lea Jacobs