Ballito\u2019s permanent population has more than doubled from 12,000 to 30,000 in just over a decade, creating a big rental demand in the coastal town.<\/p>\n
Mark Johnson, Seeff\u2019s licensee for the North Coast, said families are semigrating to Ballito for the lifestyle by the dozens – many of whom are still working in other provinces and need to commute to work weekly.<\/p>\n
Regular commuting is made possible by the King Shaka International Airport – a 20 minute drive from Ballito.<\/p>\n
He added that\u00a0even though the rental market in the area is buoyant, stock is a major issue – especially with regard to property in gated communities priced from R8,000 to R18,000 per month.<\/p>\n
“Many of them choose to rent while deciding where to settle,” Johnson said.<\/p>\n
“While we expect more stock to come onto the market in the medium term, rental demand is predicted to increase even further as a result of the growth in the area.<\/p>\n
“We are a growing market and this makes it a fairly safe purchase for an investor. There is also good capital growth to be had when investors buy smart – regardless of the price bracket.\u201d<\/p>\n
Johnson said that like in many other areas in the country, tenants in Ballito are prepared to pay a premium to live in property within gated communities – sometimes up to between 25% and 40%.<\/p>\n