Amanzimtoti Property Market
Category News
With more than 430 homes sold in the past 12 months, the Amanzimtoti property market is currently one of the most active coastal markets in South Africa – and is set to get even busier as Transnet proceeds with the multi-billion rand development of a new dug-out port on the nearby site of the old Durban airport.
But this project is not the only reason for the growing demand for local homes, says Brad Wessels, Sales Manager of the Chas Everitt International Amanzimtoti franchise, which was recently named by the group as its top performing office in KwaZulu-Natal for the past year.
“We have also seen major commercial development here in the past few years, including the 85 000 square metre Galleria regional shopping centre, the 40 000sqm Arbour Crossing value centre and a 17 000 square metre Makro store that is the biggest in KZN,” he says.
“These developments and others have brought thousands of new employees to town that all need somewhere to live, in addition to the Transnet project contractors that have started to move here, and an increasing number of buyers from inland provinces and Durban itself who are moving here to ‘downshift’ to a quieter, less stressful lifestyle.”
At the same time, these new permanent residents are attracted by the fact that Amanzimtoti is just 25 kilometres from the centre of Durban if they need to access offices in the city, that it has a selection of excellent schools, shops, medical and entertainment facilities, and that its burgeoning local economy is full of promise for those looking to leave corporate life and start new businesses.
“Then on top of that,” says Wessels, “we are seeing a resurgence of holiday home and property investment buying as household finances continue to recover from the effects of the recession. With its exceptional weather, warm sea and beautiful beaches, Amanzimtoti is still a premier holiday destination, and an increasing number of people are taking the opportunity to buy their second homes here while property prices are still relatively low.”
According to property data company Lightstone, sectional title flats and townhouses in Amanzimtoti make up 68% of the housing stock, and the average selling price of such units this year has been R616 000 to date. Freehold Amanzimtoti homes which make up the rest of the stock are currently selling at an average of R1,23 million - up on the previous years averages.
At the lower end of the Amanzimtoti property market, working singles and young couples looking to get on to the property ladder can buy one-bedroom flats for around R450 000, while at the upper end, luxury homes are available for around R5 million.
“In short,” says Wessels, “property here offers very good value for money compared with other sought-after seaside towns and locations, including those along the North Coast of KwaZulu Natal that are similar to ‘Toti in many ways.”
Author: Barry Davies
