The R700 million uShaka Island marine theme park development on the Durban beachfront has had a profound effect on property values in South Beach - once considered the poor cousin of the north.

South Beach prices are fast catching up with that of North Beach, although there is still some way to go before they reach parity. According to CBD real estate specialist Denise de Villiers, of Homenet, property prices have risen, in some instances, by up to 40% in the south since the launch of uShaka project, which is due for completion in April. uShaka, one of the largest developments in the Durban city centre in several years, is expected to trigger private sector investment in the area, and some specialists are suggesting the injection could be to the value of R2 billion.

De Villiers said apart from residential accommodation, business premises and shopping centres were also attracting a great deal of interest from potential investors and tenants.

South Beach's residential property market was also high on the shopping list of first-time buyers. This was a calibre of potential buyer who understood the importance of meeting bond and levy commitments and who met income requirements that would enable them to obtain finance.