According to Seeff North Coast Licensee Andreas Wassenaar, the increased buyer interest in luxury lifestyle estates in Kwa-Zulu Natal (KZN) opened a new dimension to the local property market. Estates such as Hawaan, Simbithi and Zimbali now rank among the top estates in the country, attracting significant interest from high-income earners. These high-end estates also face considerable demand from international buyers from wealthy African countries. The reasons for this growing interest include semigration, the WFA (work from anywhere) trend and buyers looking for second homes or investment properties.
Zimbali Estate houses around 650 properties, making up most of the luxury homes in KZN; according to Wassenaar, the estate ranks alongside the Atlantic Seaboard as one of the top coastal locations for high-net-worth (HNWI) investors and buyers. Wassenaar adds that the market for the estate held up considerably well despite challenges over the last few years, including the COVID-19 pandemic, July riots and recent floods.
Properties in the Zimbali Estate start pricing at around R10 million and go upwards to surpass the R20 million price band.
Freehold homes in the estate range from around R9 million; the highest price recorded was approximately R17.2 million; however, this was lower than in previous years. Sectional title properties in the estate sit at an average of R5.25 million, but the highest price recorded was a notable R11 million. A market assessment over the last years shows that Zimbali achieved sales just short of R487 million, equating to an average price of R7.1 million; this was an even split between freehold and sectional title properties. Many wealthy buyers from Gauteng own property in the Zimbali Estate for use as second homes, while others settled here with their families and frequently commuted to Johannesburg and other areas for work.
The Simbithi Eco Estate covers an area of approximately 430ha and houses 1250 luxury homes. Simbithi remains regarded as one of the most family and pet-friendly lifestyle estates in South Africa due to its robust safety and security. The estate achieved 134 sales valued at almost R685 million last year, with property prices averaging R5.1 million rand. Freehold properties attributed to over half of these sales with an average sale price of R6.1 million; the highest recorded price for a freehold property was R22 million. Sectional title units in the Simbithi Estate sold at an average price of R3,9 million, while the highest recorded price was around R10,6 million.
According to Wassenaar, Brettenwood Coastal Estate, Dunkirk Estate, and Hawaan Forest Estate are another three luxury estates competing for increased buyer demand. Brettenwood Coastal Estate sales fell short of R140, while Dunkirk Estate reached R128 million in sales. Both estates offer beautiful luxury homes with properties falling into the R5 million to R10 million price range.
Hawaan Forest Estate in Umhlanga Rocks houses roughly 100 luxury properties and boasts excellent lifestyle and investment value for top-end buyers. Besides ample privacy and security, Hawaan received significant renown for the ancient forest that borders the estate.
According to Seeff Umhlanga Rocks Licensee Brett Botsis. The average price for properties in Hawaan Forest Estate now sits at R9.3 million, affording the estate place among the top luxury lifestyle estates in the country. Property prices for the estate range from about R8 million to R26 million for a top-end home; however, a few vacant plots are available in the R4 million to R6 million price band for buyers and investors looking to start from the ground up.
According to Seeff South Coast Licensee Michelle Harris, the location saw a massive increase in buyers since the beginning of the Covid-19 pandemic in 2020; Harris adds that this boosted interest and significantly increased semigration to the area.
In response to the high demand for gated security estates in the area, Serenity Hills Eco Estate in Margate now offers 120ha of gorgeous scenery, views of the nearby Indian Ocean and ample amenities to sway the minds of interested buyers. The estate also provides proximity to Durban and excellent value for money. Serenity Hills Eco Estate offers buyers a choice of two or four-bedroomed freestanding homes with an average price of R1.395 mullion (for two-bedroomed units).
Buying a luxury property is an invaluable investment, whether as a second home, rental property or retirement home, and Seeff is here to help you. If you are interested in buying a property, contact one of our qualified practitioners for more information.
If you enjoyed this article, perhaps consider reading tips for buying property cash in South Africa.