North Coast property prospects looking up

Things are looking up for the KZN North Coast property market.

That’s the word from Ida du Plooy, principal of leading local agency Homenet Ballito, who says that the area’s property market is on its way to recovery and that a number of factors are coming into play that bode well for the future of the North Coast.

Main market drivers include the King Shaka Airport at La Mercy, due to open in 2010 and expected to create some 18 000 new permanent jobs. It will form part of the Dube Tradeport that comprises a trade zone, office component, transit accommodation for tourists and an agricultural export zone.

“The associated impact on the surrounding property market will be significant as employees seek accommodation close to the new workplaces,” says Du Plooy. “Durban and Ballito in particular will benefit greatly, as will the local tourism market.”

Meanwhile, the North Coast market is playing host to a number of buyers who have opted to live a more genteel existence than that offered by the likes of Johannesburg and other major metros.

“Many families are opting to move to Ballito, Umhloti and Zinkwazi to get away from the crime and traffic of the big cities. Properties in gated communities priced between R1,2m and R2,5m are the most popular with these buyers at present.”

The rental market on the North Coast is also booming, says Du Plooy. “Properties that were previously locked up and left by their owners for six months at a time are now being leased in the light of the robust rental conditions, with rentals ranging between R4500 and R8500pm.”

Article by: www.homenet.co.za