The KwaZulu-Natal Property Market: One of SA’s Best Kept Secrets
Over the past three years, the KwaZulu Natal property market has enjoyed unparalleled growth, outperforming other provinces as an investment destination. And yet, it is still considered one of the best-kept secrets in the country.
In this article, we’re going to highlight a few of the top points that make KZN such a hot spot for property investors and aspiring homeowners.
Urbanisation and Communal Living Areas
As the CBD expands, many communities are seeing the benefits of living, working, and playing in a centralised area. With the impact of the recent pandemic, many investors are considering converting commercial properties on prime real estate into beautiful residential developments.
In short, Durban and many of the surrounding areas may be facing a solid residential development drive soon. Many commercial buildings are already prepared for the conversion since they were built with the requirements to present a soft landing for investors.
Not only is there a lot of potential for aspiring entrepreneurs, but homeowners can also expect mid-city apartments to become a lot more common. Not an urbanite? Don’t worry! Trends also show that the development potential may prove to benefit surrounding communities.
Secure communal living estates are already rising in popularity. With many businesses now opting for a work-from-home model, more commercial properties have the potential to be converted into gorgeous coastal estates.
Reliable All-Inclusive Living
KZN seems to be the province where people go to settle down. Over the past five years, income rates have risen to almost 5% of what people earn in Johannesburg. Additionally, it has one of the lowest repo rates in the country, and it’s seen a significant influx of specialists and professionals.
The province, and Durban in particular, offers prime real estate at affordable prices compared to most other coastal cities and towns. Many people migrate to the area to enjoy the advantage of having a more balanced lifestyle, with a higher quality of life and access to excellent career opportunities.
The Impact of Recent Events
Before the outbreak of recent unrest, the province saw a steady rise in first-time buyers and a semigration from more commercial areas like Gauteng. While both have been significantly affected, property investment experts agree that it’s too early to predict its full impact. With the current interest rate being the lowest since the 1960s, it’s very likely that many prospective buyers and enterprising investors will still take the plunge.
The overall outlook for KZN is a positive one. While it may take the province time to recover, the people are resilient, and the property market has significant potential. It’s a worthwhile investment for any entrepreneur or prospective homeowner.
The Strength of the Community
There’s far more to KwaZulu-Natal than just its property. That is the warmth of its people. The strength and unity of its communities are one of the top reasons why so many people call the province home.
Shortly after the recent events, thousands flocked to the streets to protect their homes and the homes and commercial properties of their neighbours. Many others spent their hours helping with clean-up projects. It was and is a beautiful display that captures everything South Africa stands for as a nation: unity and solidarity, regardless of race and income.
To be a homeowner in KZN means being part of a community that stands together in good times and bad. That, more than anything else, makes this province one of the most incredible places to live in South Africa.
Conclusion
South Africa is a beautiful nation with gorgeous coastlines, nature preserves, thriving metropolises, and vast deserts. Within KwaZulu-Natal, you can enjoy almost all these things while living beside a thriving, loyal, and united community. Whether it’s the financial aspect that appeals to you or if you’re looking for a place to call home, KZN is one of the best places to live in the country.
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