He says: “The recent interest rate cut to 6.5% was welcomed by the South African property market, and this provided an opportunity for growth and encouraged individuals to get involved in the property sector. This resulted in the prime lending rate being reduced to 10%, which will provide relief for current bondholders and stimulate the buyers’ market – specifically those still sitting on the fence.
“An influx of new developments across the Umhlanga region, including Sibaya, has also remained a stimulating factor to the positive state of our property market. This has brought additional new retail stores and restaurants into our region, and many businesses that were originally in the CBD or Westville have now migrated to Umhlanga Ridge and Ridgeside. This has transformed Umhlanga Rocks into the most sought after and preferred choice for families to live in and for investors to invest in. Our biggest sale to date for this year was a free-standing 5- bedroom home in Umhlanga Rocks, which sold for R11m.
“The appointment of President Cyril Ramaphosa led to an increase in overall positive sentiment across the property market. As mentioned above, the interest rate cut has been a large stimulus of continued positive growth, and current economic indications are that a low point of the inflation cycle had been reached. It is also widely agreed that Interest rates in South Africa are expected to remain unchanged into late 2019.
“New developments like Oceans Umhlanga and the Park Square in Umhlanga Ridge have an impact on the state of the property market. These new property developments are significant indicators from developers that our local property market is bullish, and it is perceived that buyers will invest in well-priced properties based on current interest rates remaining stable.
“Our local Umhlanga node’s property market value has increased to well over R10bn, and we are confident about this growth continuing for years to come.”
A new development currently on the books of Seeff Umhlanga is Coral Point, a 152-apartment residential development located in Tongaat Hulett Development’s new Sibaya development node located north of Umhlanga. Coral Point is currently under construction and is just 10 km from Umhlanga Rocks.
The Sibaya Precinct consists of about 1000 hectares of coastal property where only the hilltops are being developed, while preserving the valleys and coastal forest, with paths, trails and green boulevards throughout. King Shaka International Airport and Durban City and Harbour are both a short drive away. The Sibaya Precinct was conceptualised as a living, vibrant community where people can work, live and play. The name ‘Sibaya’ means ‘ kraal’, and the idea is that the residents will have a place to feel at home. Coral Point is set in the heart of this development node, overlooking the Indian Ocean and spectacular coastline.
Adds Botsis: “There are studio, one-, two- and three-bedroom apartments for sale, starting at around R1.6m to R5.3m. The price per square metre ranges from R36 000/m² to R40 000/m². Compare these to the Umhlanga prices of about R50 000-R70 000/m². The prices include Vat and Transfer Duty. There is a communal pool and Club House, secure parking, holiday letting is allowed (with a 2-night minimum stay), and pets are welcome with permission.”
Contact Seeff Umhlanga Brett Botsis 084 583 1961; email brett.bot@seeff.com
“An influx of new developments across the Umhlanga region, including Sibaya, has also remained a stimulating factor to the positive state of our property market. This has brought additional new retail stores and restaurants into our region, and many businesses that were originally in the CBD or Westville have now migrated to Umhlanga Ridge and Ridgeside. This has transformed Umhlanga Rocks into the most sought after and preferred choice for families to live in and for investors to invest in. Our biggest sale to date for this year was a free-standing 5- bedroom home in Umhlanga Rocks, which sold for R11m.
“The appointment of President Cyril Ramaphosa led to an increase in overall positive sentiment across the property market. As mentioned above, the interest rate cut has been a large stimulus of continued positive growth, and current economic indications are that a low point of the inflation cycle had been reached. It is also widely agreed that Interest rates in South Africa are expected to remain unchanged into late 2019.
“New developments like Oceans Umhlanga and the Park Square in Umhlanga Ridge have an impact on the state of the property market. These new property developments are significant indicators from developers that our local property market is bullish, and it is perceived that buyers will invest in well-priced properties based on current interest rates remaining stable.
“Our local Umhlanga node’s property market value has increased to well over R10bn, and we are confident about this growth continuing for years to come.”
A new development currently on the books of Seeff Umhlanga is Coral Point, a 152-apartment residential development located in Tongaat Hulett Development’s new Sibaya development node located north of Umhlanga. Coral Point is currently under construction and is just 10 km from Umhlanga Rocks.
The Sibaya Precinct consists of about 1000 hectares of coastal property where only the hilltops are being developed, while preserving the valleys and coastal forest, with paths, trails and green boulevards throughout. King Shaka International Airport and Durban City and Harbour are both a short drive away. The Sibaya Precinct was conceptualised as a living, vibrant community where people can work, live and play. The name ‘Sibaya’ means ‘ kraal’, and the idea is that the residents will have a place to feel at home. Coral Point is set in the heart of this development node, overlooking the Indian Ocean and spectacular coastline.
Adds Botsis: “There are studio, one-, two- and three-bedroom apartments for sale, starting at around R1.6m to R5.3m. The price per square metre ranges from R36 000/m² to R40 000/m². Compare these to the Umhlanga prices of about R50 000-R70 000/m². The prices include Vat and Transfer Duty. There is a communal pool and Club House, secure parking, holiday letting is allowed (with a 2-night minimum stay), and pets are welcome with permission.”
Contact Seeff Umhlanga Brett Botsis 084 583 1961; email brett.bot@seeff.com