Positive turn for coastal property in KZN

The property market in KwaZulu-Natal’s Mid-South Coast is showing a notable recovery, with buyer enquiries spiking after the May general elections, particularly from South African expats looking to return. According to Jo Giraudeau, manager for Seeff Mid-South Coast, this area between Pennington and Clansthal offers excellent value for buyers, with property prices being more accessible than other regions. The area’s appeal includes a slower lifestyle, warmer climate, and proximity to the Indian Ocean, making it a prime spot for retirement or holiday homes.

The recent uptick in demand is linked to ongoing developments, particularly the Renishaw Coastal Precinct, a multi-billion-rand project that has already enhanced property values. Future plans for the area include a shopping center, private school, and other amenities. Buyers are now favouring move-in ready homes or properties with rental potential, with demand shifting toward homes priced between R700,000 and R1.2 million.

Community initiatives, such as beach clean-ups and restoration efforts, as well as cooperation between local governance and municipalities, are also adding to the area’s appeal. The uMkhomazi Water Project and local infrastructure plans are expected to further boost service delivery and interest in the region.

Clansthal, in particular, is drawing interest, with its attractive beach and properties yielding high rental returns. A notable listing on Green Point Drive offers a luxury coastal home, ideal for Airbnb or guest house investments, priced at R15.85 million. The region’s property market is poised for further growth, especially with a potential interest rate cut on the horizon.

Source: BusinessTech

Date:  7 September 2024