from FUTHI MBHELE in Durban
KwaZulu Natal Bureau
DURBAN, (CAJ News) – WHILE the Western Cape Province has long dominated South Africa’s property market, KwaZulu-Natal has emerged an appealing destination, with the latter’s South Coast now a dominant player.
This growth is attributed to a number of catalytic property developments on the South Coast, which are gaining national and international attention for their attractive coastal location, quality build and affordability.
International investor confidence in the region continues to grow.
The eco-estate Serenity Hills and the 1 300-hectare (13km2) Renishaw Coastal Precinct are attracting large-scale attention.
Both developments were honoured at the fifth South African Investment Conference (SAIC) in April.
The R800 million (US41,99 million) Serenity Hills eco-estate launched Phase 1 of the development in the second half of 2022 and has already sold half of its units, with buyers coming from Canada, the United Kingdom, Switzerland and Germany.
Renishaw, which has a total anticipated spend of around R15 billion upon completion, boasts the successful Renishaw Hills in Phase 1.
This well-established mature lifestyle estate saw property values escalate by half in just five years.
Both developments offer significant investment opportunities, with Renishaw unlocking potential in retail, healthcare and education.
The projects are also stimulating the local economy and unlocking further opportunities for investors.
Beyond these, SCTIE has uncovered further potential in the Margate region with Injabulo Lifestyle Estate.
This 32-ha development has an estimated investment value of R300 million, largely from international investors.
There will be 254 free-standing, full-title homes with private gardens and ocean views, with zoning for medical and educational facilities.
Property prices start from R995 500 for a 2-bedroom unit and at R 1 192 500 for a three-bedroom unit.
Recently, Trade and Investment KwaZulu-Natal (TIKZN) organised a post-SAIC media tour where attendees were afforded first-hand experience of Renishaw and Serenity Hills.
“We will continue to uncover potential in the property sector and connect buyers, developers, local and national government departments to better facilitate these investment opportunities,” said Phelisa Mangcu, Chief Executive Officer of South Coast Tourism and Investment Enterprise SCTIE).
Mangcu said SCTIE would continue to showcase and support investments on the KZN South Coast, with a focus on property and other key growth in sectors including tourism, agribusiness, renewable energy, logistics and transport, manufacturing, maritime sector and mining.
– CAJ News