Latest Residential Trends Emerging from uMhlanga
Category Property News
The North Coast town of uMhlanga is renowned for its turquoise beaches, tourist attractions, world-class accommodation, and upmarket homes. Latest Lightstone reports reveal that the town is attracting younger demographics and experiencing phenomenal house price growth.
The residential market is comprised of predominantly sectional-titles, accounting for 80.83% of all stock. These homes are luxurious, situated close to the uMhlanga beach and equipped with state-of-the-art security.
The primary reason the town has evolved into a sectional-title stronghold is due to its young residential sector, which only started piecing together in the 1980’s. Within this time, new housing developments began expanding alongside an already bustling holiday sector. In 2010, the market took another positive turn when the Durban International Airport moved to the North Coast (La Mercy), upon which it was renamed the King Shaka International Airport.
Once the airport was built, uMhlanga became a strategic location for commercial businesses, and more people began moving into the town for employment opportunities. This gave rise to a wealth of new upmarket sectional-title developments that adequately catered to the professional class. Today, the town continues to reach new heights as ultra-modern residential skyscrapers shape the landscape.
Reports indicate that sectional-titles in uMhlanga have increased in average value by 58.86%, from R2.2mil in 2008 to R3.5mil in 2018. This is primarily due to insatiable demand among home buyers that is driving property prices up.
Over the last year alone, 250 sectional-titles were sold, worth a total of R988mil. And the price bracket that home buyers were most attracted to was greater than R3mil. This indicates that buyers are willing to invest in homes within a high price bracket due to the quality of life offered in the town and the lucrative return on investment if the time comes to sell.
Another property type that completes the residential market in uMhlanga is freestanding homes. Although it only accounts for 19.17% of all residential stock, these homes exude opulence and enhance the overall look and feel of the town. Over the last year, 30 properties were sold, worth an incredible, R166m in collective value. The average price sold was R5.5mil and the most popular price bracket was greater than R3mil.
Most home buyers flock to buy uMhlanga’s freestanding homes for its exquisite architectural designs, and spacious outdoor and indoor features. From 2008 to July 2018, these homes surged in value by 75%, from an average of R3.2mil to R5.6mil.
A thriving town
Owing to a string of premium amenities, an abundance of natural beauty, blue-chip companies, and its ideal proximity to various key locations around Durban, uMhlanga is a thriving residential metropolis. Reports show that 48% of people who move into the town live here for more than 11 years. It goes on to reveal that there is a change in demographics taking place. Although the town is currently a retirement haven, with 34% of all residents falling into the age group of 65+, the new demographics moving in might change this. Due to the expanding commercial sector, professionals within the age group of 36-49 (middle-aged) and 50-64 (mature) now represent the biggest percentage of recent buyers, and if this trend continues, we may see these age groups emerge dominant.
Listed with Dormehl Phalane Property Group is a wide selection of homes from uMhlanga. One of our exclusive sole mandates is a 6-bedroom Mediterranean-styled house with sea-views. Features in the home include 6 open-plan reception rooms, 2 kitchens, an undercover pool and a built-in bar. It is ideal for an extended family or it can be converted into a boutique B&B.
Author: Dormehl Phalane Property Group