Real Estate Market - Tongaat
Tongaat, a small town located on the north coast of KwaZulu-Natal in South Africa, is rapidly becoming a popular residential and commercial hub due to its proximity to major cities and highways. This town is situated just 37 kilometers north of Durban and is just 15 minutes away from the King Shaka International Airport. The town also has a well-developed industrial sector, making it a sought-after destination for entrepreneurs.
With its ideal location, Tongaat is fast becoming a popular destination for both residential and commercial property investment.
The CBD area of Tongaat is a vibrant hub of commercial activity, with numerous businesses, shops and restaurants. The Tongaat CBD area has seen significant growth in recent years, with the construction of new commercial and retail spaces viz, the Tongaat Mall.
Popular residential suburbs in Tongaat include Belvedere, Flamingo Heights, and Watsonia. These areas offer a range of housing options, from apartments to large family homes, with varying price points. The average sale price for a three-bedroom house in Tongaat is around R1.1 million, while the average rental price for a three-bedroom house is around R7,000 per month.The suburb of Belvedere is one of the most sought-after residential areas in Tongaat.
In addition to the residential market, Tongaat also has a thriving commercial and industrial real estate market. The town's location and proximity to major transport routes make it an attractive destination for businesses. The average sale price for commercial and industrial properties in Tongaat is around R7.5 million, while the average rental price is around R60 per square meter.
The trends in the Tongaat real estate market suggest that the town is experiencing a steady growth in both the residential and commercial markets. This is partly due to the expansion of the Dube Trade Port and the King Shaka International Airport, which has resulted in increased economic activity in the area. The affordability of properties in Tongaat also makes it an attractive destination for first-time home buyers and businesses looking to establish a presence in the area.
Real estate has played a significant role in shaping Tongaat's landscape and economy. The development of new housing estates and commercial properties has contributed to the growth and transformation of the town. The increasing demand for properties in Tongaat is expected to continue in the future, with predictions of continued growth in both the residential and commercial markets.
At Prestige Real Estate, we are proud to be a part of the Tongaat community and the town's real estate market. Our team of experienced agents is dedicated to helping buyers and sellers navigate the market and find the perfect property to meet their needs. If you are looking to buy, sell or rent a property in Tongaat, contact us today to speak to one of our agents.