The north coast of KwaZulu-Natal is attracting younger buyers, while current property owners in the area are just as keen to stay put, recent property statistics have revealed.
Half of these new buyers are under 35, indicating that the area is attracting a new type of investor. Interestingly, the lion’s share of stable owners are 50 years old and above, indicating that the area is a) an attractive option for retirees; and b) compelling established owners who may want to invest in a 2nd or 3rd property as a means of generating additional income.
Situated just a few kilometres south of Ballito city centre, has and continues to exert a pull on the residential property market.
“The current demographics of Zimbali owners bear testament to the rise of ‘semigration’- the trend of setting up primary residence in one province and commuting weekly to another province for work or business," Adriaan van Schoor, IFA Hotels & Resorts' vice-president of sales, said of the company's Zimbali Coastal Resort. "About 60-70% of our owners hail from Gauteng and have made the choice to set up their primary residence in Zimbali. Therefore, it is not surprising that there has been a sharp rise in the number of families moving to the north coast and the number of estate property transfers over the last year.”
“One cannot think that the two (the North Coast population increase and the increase in number of transfers in gated estates) are mutually exclusive - over 50% of the transfers which have taken place in the same period are in gated estates, injecting a whopping R1.4 billion into the local economy. Families from other provinces are swopping the crazy commute and rushed lifestyle for the benefits of life on the coast,” van Schoor ended.
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.