If you are thinking of buying an apartment in the greater Durban environment, you’ll be buying into one of the busiest holiday rental markets in the country. The demand for rental properties is high, offering a range from luxurious beachfront to affordable apartments, with most within walking distance to a hot spot, be that beach, retail, or transport hubs. This makes a property investment very attractive to both local and international tourists.
According to a Quality of Living Survey in 2023, Durban was ranked 88th out of 231 global cities as offering a high quality of living, beating Cape Town (95th) and Johannesburg (96th). Proving this true is that apart from its coastal appeal, residents are able to easily access a large number of outdoor activities, which all can avail of year round given a great climate, especially the mild winters.
Durban is known as a multicultural city. Aside from its busy beachfronts and their associated activities like surfing, swimming, volleyball, dog-walking or just a stroll on the beach, there are also cycling and pedestrian lanes. The area is also well-known for its street and craft markets, historical tours, art museums, cultural events, and culinary offerings, particularly its traditional Indian cuisine. Durban is actually the home of the famous Bunny Chow; a quarter loaf of bread filled with curry. And with a wealth of fabulous eateries, from street food to al la carte, all tastes are catered for.
Tourist attractions aside, the area is also host to the Port of Durban, which is the main container port on our coastline, making the Dube port area and its allied logistics businesses, a significant employment area. Rentals are, therefore, a popular choice, especially for those who want to live in the area for a year or so, while they search for their perfect forever home.
Attracted to the Durban lifestyle are families and professionals who do not want to live in the more expensive Cape Town and Johannesburg towns. The area isn’t without its issues though. There are infrastructure challenges, such as transport, but the local government is forging ahead with plans to address these issues.
The range of suburbs to choose from is vast
Popular areas are:
Scottburgh and KwaDukuza are equally in demand. Compared to other major cities in the country like Cape Town, Pretoria, and Johannesburg, flats and apartments are much more affordable. For example, a two and-half bed apartment on South Beach with breaker surf views near the Addington school area, and just a one minute walk to the Shaka Marine, sells for R1,545-million. You’d be very hard pushed to find a similar apartment for anywhere near this price in Cape Town.
Another example, a 3-bedroom apartment in Morningside, remodelled and being marketed as an ideal starter home - 64m2 - is selling for R950 000. This is in a secure complex with CCTV cameras, 24-hour patrolling security, swimming pool and residents entertainment area. This is considered a bargain at R950 000. Somewhat higher in the same Morningside area but offering 142 m2, is 3-bedroomed apartment for R1,7-million. This is a more contemporary style with views of sea and city.
Another consideration, although this only gives you a week or couple of weeks a year, is a shared block scheme apartment or flat. From R650 000 you have a studio, one- or two-bed option along the Durban beachfront, with a choice of either city, inland, or beach views.
The greater Durban environment is considered dynamic with a large number of apartment/flat blocks under development and many having been, or undergoing, renovation. Investor’s should really consider this area if they are looking for their money to stretch beyond merely the affordable into the desirability category. And the best is that even if you choose not to live in the apartment, you’ll certainly be able to rent it out during peak holiday seasons.
