By Siyabonga Mchunu - 05 December 2018Views : 2751
Property experts say Durban is becoming an increasingly attractive option for those wishing to get onto the housing ladder.
The word that keeps getting bandied about is vibey.
Not quite the word of the year, but certainly a strong indicator of what will likely drive the property industry in coming months and years.
Durban's tourism industry has thrived for decades now. However, the atmosphere in that city is expected to have greater economic spin-offs for the property sector, as people look to settle there and not just visit.
Michelle Burger is the Pam Golding Properties area principal in Durban.
"Our tourism benefits greatly from these coups and having the WSL surfing contest back in Durban is another feather in the city's cap as not only does tourism flourish with competitors and spectators flooding the beachfront, it has brought back confidence that the city is on the map for these international contests," said Burger, commenting on the intensified efforts by the KwaZulu-Natal provincial government to stimulate the local economy.
"Not only that, King Shaka International Airport is embarking on major upgrades to cater for growing demand, while British Airways features Durban top of its 19 global 'must-see' holiday spots for 2019 - providing meaningful international recognition," added Burger.
They key now is to help the property sector benefit from this campaign.
"We are seeing well-priced listings selling quickly and also close to asking price, while we've also had a couple of sales where properties have been snapped up in one to two weeks," added Burger.
"However, buyers are also prepared to pay a premium for secure, lock-up-and-go homes and we've seen a big increase in home sales in the upper price bracket on the Berea," she said.