KZN’s North Coast home to thousands of millionaires

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The stretch of coastline from Umhlanga to Umdloti could most certainly be crowned the golden mile(s). This area is home to some of the best coastal homes in KZN with property prices soaring as high as R45 000 per m². Over the last few years, KZN has moved in leaps and bounds to become one of South Africa’s most desirable places to live with a recent Mercer study placing Durban in the top 5 for best quality of life.

Durban’s great quality of life is a combination of several important factors: climate, proximity, lower traffic volume and also a host of attractive residential property investment opportunities. Not only has Umhlanga compelled the country’s wealthy to call this place home, but Umdloti and Ballito have also attracted investment from the country’s mega rich.

A recent study conducted by AfrAsia bank has named the Durban-Umhlanga- Ballito corridor (which includes Umdloti) as South Africa’s fastest growing wealth market, with a 25% growth in just over a decade. This corridor is home to 3300 HNWI’s (high net worth individuals) which according to the criteria of the report, are those with investable asset of more than R14 million. What must also be noted is that the same area has 210 multi-millionaires, which are those with investable assets around the R141 million mark.

Durban has long played second fiddle to the bright lights of Johannesburg and the cool cosmopolitan culture of Cape Town, but with property development going at full pace, Durban is becoming a magnet for the mega rich.

If keeping an eye on where the rich put their money is anything to go by, then this is a sure sign of where to invest. Coastal sectional title homes stretching from Umhlanga to Umdloti and further offer investors a list of advantages such as security, proximity to business hubs (this includes schools, hospitals and shopping malls), easy access to main roads and highways, a short commute to the airport, the beach on your doorstep and warm weather for most of the year.

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