Commonwealth Games promise positive spin-offs for Durban property market
With the announcement that in 2022 Durban will become the first African city ever to host the Commonwealth Games, the question is what will the impact be on Durban itself, and its property market? Seeff Chairman, Samuel Seeff, believes that the Commonwealth Games 2022 will have a positive impact for Durban - from infrastructure development to boosting tourism, investment and demand for property in the area. "All around the world major global events have a significant influence on the host city and country. Aside from the obvious investment in infrastructure, it brings attention to the particular city and country, and with that will come the desire to invest - with obvious spin-off benefits for property. "Just look at what the Sydney Olympic Games 2000 did for the city and Australia - it put them on the world map, drew attention to the tourism and property offerings, and today Sydney has a significant property market attracting investment from wealthy buyers, especially from the east. In South Africa the FIFA Soccer World Cup 2010 was a remarkable event that put the country on the global stage - showing off not only our beauty and tourism offerings, but superb infrastructure and facilities, on top of the fact that we can host the largest global event as well as any first world country. Aside from the benefit in terms of infrastructure development and tourism, the Soccer World Cup also boosted the property market, with a notable uptick in sales for that year." Seeff says that the greatest demand will not necessarily come from foreign buyers: "Local buyers will start seeing Durban as an area that offers prospects for growth, perhaps for permanent relocation and setting up a business there, or for investing in the property market and of course investing in a second home there. The greater Durban and Ballito area of course has excellent offerings - the Zimbali and Simbithi developments are simply world- class, as is anything on offer around Umhlanga and La Lucia. "It will take time for the benefits to come through though, and we are likely to start seeing the real effect a few years closer to the time - but there can be no doubt that not only Durban but South Africa as a whole will benefit." Roger Hoaten, co-owner of Seeff Berea, Durban North and Beachfront, agrees that the Commonwealth Games will have a very positive effect on the Durban property market. "Preparations for the Games will, even more so then the Soccer World Cup, result in significant investment (R20 billion) in Durban's infrastructure, making our destination even more attractive. The Commonwealth Games will allow us to feature our world-class infrastructure and facilities, world-class food and entertainment - in short, a world-class environment to invest in by purchasing property. "The approximately R1.3 million visitors to our sunny shores will be presented with a truly compelling property investment environment, against the backdrop of our welcoming climate and friendly Durbanites." He cites two gracious mansions currently on his books as examples of the type of great investment properties to be had in Durban. "Clovelly House, priced at R11.5 million and set on 2651 m2 in Essenwood Road showcases many features of yesteryear that just cannot be reproduced today. On Currie Road another magnificent home, set on 1278 m2 and priced at R9.6 million, was originally built as a gracious Victorian villa, with generously proportioned rooms designed for Natal coastal living. Says Hoaten: "Over the last 100 years successive families have enhanced the original design through building alterations to meet the needs of evolving lifestyles to contemporary living." Extra-high (3.6 m) decorative moulded pressed panel ceilings add to the grandeur and elegance of this majestic four bedroom, four bathroom, four garage home. (See both elsewhere in this newsletter.) Panorama, a 598 m2 stylish penthouse priced at R12 million, features sublime views of the city, harbour and sea complemented by an award-winning rooftop 'sky garden' which includes a putting green, outdoor jacuzzi and expansive entertainment area. This extraordinary property offers the ultimate in luxury and a convenient lifestyle - you simply drive up and directly into the penthouse itself. Adds Hoaten: "In May 2014 CNN rated Durban as one of the world's 10 most underrated cities. With the Commonwealth Games coming we have another unique opportunity to showcase our city and what it has to offer on the world stage - which is great news for our property market." Contact Seeff of Seeff Berea, Durban North and Beachfront Roger Hoaten 082 457 7117, roger.hoaten@seeff.com; Glynis Hoaten 082 797 8246, glynis.hoaten@seeff.com See these three properties at www.seeff.com, web refs 362699 (Essenwood Rd), 361920 (Currie Rd) and 350928 (Panorama).
