Rich apartment-style living hits the South African north coast

·26 May 2017

High-cost apartment living is gaining popularity on South Africa’s north coast, with new developments in the Sibaya precinct near Umdloti in KwaZulu Natal drawing keen interest – and prices to match.

According to real estate group Pam Golding, the region is seeing “unprecedented demand” and is becoming the region’s ‘hot spot’ for coastal living, and is expected to hold that title for the next 10 to 15 years.

The area, which includes different residential developments including an estate and apartment complexes, is drawing interest from investors, first-time buyers and holiday makers.

“This is one of the last developments on the seafront side of Sibaya. We have had an overwhelming response from all sectors of the market with investors, retirees, first time buyers and Johannesburg clients seeking holiday apartments,” the group said.

The security estate comprises only 45 stands, with 1,000 to 2,000sqm sites being sold for between R4.95 million and R10.5 million. Prices of completed homes are expected to start at around R15 million, Pam Golding said.

The two apartment blocks under development – Ocean Dunes and Pebble Beach – have also launched and sold out at between R30,000 and R40,000 per square metre, the group said.

A new sectional title apartment complex called Coral Point is launching opposite the security estate, with the property group noting an ‘unprecedented’ waiting list of 1,000 people who hope to own a space.

“As this development will also allow short-term letting, we were not surprised by the strong demand from the investment market. The bulk of the buyers wanting to reserve units are local, as well as from Gauteng and KZN inland areas such as Pietermaritzburg.”

Apartments varyin size from 45 to 138sqm, with prices starting at R1.295 million and range up to R4.65 million, the group said.

“Sibaya is without question the hottest property node at the moment,” Pam Golding said.

Development is expected to be completed by the end of 2018.