Umhlanga Market Report
Category News
The 2010 opening of the King Shaka international airport north of Durban has undoubtedly had an effect on the property market in neighbouring suburbs, and nowhere more so than in upmarket Umhlanga, which is just 10km away.
Since the airport opened, the area has attracted serious attention from international leisure property investors hailing from locations as diverse as Switzerland, Thailand, Singapore and California, says our local area specialist Wade Latham.
In addition, there are more top businessmen from Gauteng buying holiday homes in Umhlanga in preference to Cape Town now, he says, because the airport makes it easy to reach for a weekend break, the weather is milder and the sea warmer.
And apartments in the luxury Oyster development are the currently among the most popular property choices for these investors. The development is comprised of three high-rise blocks - Oyster Rock, Oyster Schelles and Oyster Quays - right on the seafront, that offer unobstructed views of the Dolphin Coast and the apartments here held their value even during the 2008/09 recession.
Latham has recently sold several multi-million rand Oyster units and says there is usually a waiting list, especially for the sub-penthouses and the spacious luxury penthouses on the top floors,.
Oyster apartments generally achieve prices of between R30 000/sqm and R40 000/sqm, and rise along with elevation. Thus prices of two-bedroom units on lower levels start at around R3,5m, while three-bedroom apartments sell at prices between R5m and R5,6m. Bigger or higher three- or four-bedroom units of around 240sqm sell at around the R8m mark and a sub-penthouse on the 15th floor of the Oyster Schelles block was recently sold for R12m
Author: Barry Davies
