Property: Up-country Buyers Target ‘Toti
Recent Gauteng Business News
Beachfront property in Amanzimtoti on KwaZulu-Natal’s South Coast is again finding favour among buyers from South Africa’s interior regions.
Deidre Ronnenberg, owner of the local Aida office, says buyers of holiday apartments and flats starting reappearing in the local market in October last year. “After a relatively quiet period in the first three quarters of last year, interest picked up as buyers and investors judged the timing to be right,” she says,
“Lower interest rates and indications that the market had reached the bottom of the current economic cycle spurred new interest, while the upcoming Soccer World Cup tournament definitely contributed to renewed buying activity.”
Two-bedroom, two-bathroom beachfront apartments currently lead the pack in buyers’ choices and those priced at R600 000 and R800 000 garner most interest.
Ronnenberg adds that house sales are also showing signs of renewed activity. “Toti’s fortunes were boosted by the completion of the new Galleria shopping mall as well as planned upgrades to infrastructure by the eThekwini municipality. The new shopping centre not only serves local residents, but also draws shoppers from neighbouring towns and holiday spots.”
She says the trend to upgrade has also taken root among property owners and new buyers. “Older units are being refurbished, giving Toti a fresh, new appeal,” she says.
Houses are selling at prices from about R800 000 for three-bedroom units with double facilities up to R4m for luxury homes that are suitable for use as guesthouses.
Business News Sector Tags: Property|