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Development surcharge hurting Durban
IOL reports that as a result of a 'development surcharge' imposed on all new developments in KwaZulu-Natal, Durban has become the most expensive city for any new property developments. It was quoting research from the South African Property Owners' Association (Sapoa).
New development cost are at least 30% higher than in any other city in the country.
eThekwini metropolitan municipality announced the development surcharge in December, prompting an investigation from property owners who conducted their research in Durban, KwaDukuza (Stanger), Msunduzi (Pietermaritzburg) and uMhlathuze (Richards Bay).
According to the IOL report, the research covered existing tariffs for new residential, retail, office and industrial property developments. The study found that eThekwini was now on average 30% more expensive than any other city in South Africa.
For more:
- IOL: Durban the most costly city
- South African Property Owners' Association: Homepage
