La Lucia's Luxury Property Market
Category General News
Emerging as a definite front runner of the luxury property market in KwaZulu-Natal, with a strong demand in the residential sector growing year on year – the upmarket suburb of La Lucia is in a class of its own. Situated approximately three kilometres away from the ever-popular uMhlanga, this area has remained on par with the exclusive offerings and spectacular residences that can be found in both suburbs.
Buy-to-Let on the Rise
Enjoying a great deal of activity, La Lucia is coveted in the rental market that has experienced buoyant interest in all price groups. The highest demand comes from the middle-income bracket, which has caused supply to be much scarcer. This has created the perfect buy-to-let investment environment, with investors clambering to get their hands on the few sectional title properties that are still on the market.
The upper income, luxury market continues to attract wealthy investors who seek secure investment opportunities like this magnificent three bedroom apartment for sale in La Lucia. Simply stunning, this abode boasts all the additions of designer luxury living; its three spacious bedrooms are all en-suite with air-conditioning throughout and has sweeping views of the Indian Ocean. Other features include a fully fitted bar, temperature controlled wine cellar and a veranda perfect for entertaining guests. The property is secure with 24-hour security and boom gated entrance control. Listed at R4, 950,000 this sole mandate is a truly rare find.
La Lucia’s Luxury Property Market
Since 2013 the average sales price of residences in this suburb has increased quite rapidly with the approximate price that properties are sold at in 2016 sitting at R3,530,000 - just below the average valuation of residential freehold title at R 3 900 000 and just above sectional titles at R 3 300 000. For investors, buyers and landlords, La Lucia is set to offer great property appreciation for the foreseeable future and promise to yield positive returns.
Currently a buyers and investors will struggle to find a one bedroom apartment for under R1.5 million, while on the super luxury end of the scale five bedroom mansions have been listed at prices reaching well above R15 000 000. Catering to a wide demographic of buyers this conveniently located hub has been attracting young-professionals, retirees, families and investors alike.
With unmatched location and the strong residential demand continually dominating the luxury property market, La Lucia is a must for any investor or homebuyer waiting to see great financial growth. Dormehl Phalane Property Group has a collection on exclusive sectional and freehold properties in La Lucia. Contact our dedicated team of agents today to take your first step into La Lucia’s luxury property market.
Author: Dormehl Phalane Property Group
