The prices of property in Berea, Durban, continue to impress with their regular appreciation and the sustained interest of investors. A trend first noticed in 2016 continues as investors seek viable buy-to-rent apartments in an area which has long shown a return on investment, despite turbulent factors in the South African real estate market.
A once heavily forested region, the Berea of today is an upmarket property proposition filled with apartment buildings and all the splendour of coastal life. Considering its abundant charms, there’s little wonder as to why real estate here remains so popular, but the real trick is locating the ideal investment opportunity. Packed full of amenities such as top rate schools and malls as well as the beach being right next door, there’s little not to love.
“Property prices in Berea have always been on the rise,” said Mahomed Jooma, sales agent, Rawson Property Group’s Berea franchise. Jooma says that the most sought-after properties in Berea are ‘lock-up-and-go flats’, with buy-to-let investors particularly active in the under-R750,000 range (below the transfer duty threshold). “Property investment can be a good hedge against the devaluation of financial assets, which makes buy-to-let a very attractive option, especially if you can get away without having to pay transfer duty.”
With the South African property market making some signs of recovery, such as the recent decision to keep the repo rate stable, home buyers have a few advantages to take advantage of. This, of course, must be hedged against issues such as traffic congestion, increased fuel costs and the proximity to work. But areas such as Berea (particularly with its stately Victorian and Edwardian houses) make good long-term investments to be rented out if not used directly by the owner.
