The current economic situation combined with businesses operating virtually, see more families moving to KwaZulu-Natal’s North Coast, says Jawitz Properties North Coast principal Vernon Vogt. “The KZN North Coast has seen as much as 60% of Johannesburg buyers for new off-plan developments and we’ve had a spike in enquiries from Gauteng residents interested in the greater Ballito area, now that they work remotely.”
Vogt says even though holiday home and investment markets were quite depressed, there’s been a resurgence. New data from Lightstone Property indicates that lower interest rates and the ongoing correction of property prices have created a market ripe with opportunity for those looking to enter the market or buy up – or those looking to buy second properties as investments or holiday homes. According to Lightstone, despite the general slowdown at provincial level, The Eastern Cape, KwaZulu-Natal and Mpumalanga now lead the provincial growth with rates currently above 5% per annum. It also says coastal towns are seeing better returns than the inland market.
Property in the Ballito area is valued at more than R3bn. Rapid infrastructural development coupled with a desirable lifestyle creating sustained growth, see buyers taking advantage of low interest rates and favourable work-from-home conditions to enjoy the many benefits of living at the coast. “The North Coast has always been a popular holiday destination. It is, however, reinventing itself as the lifestyle hotspot in South Africa,” says Vogt.