KwaZulu-Natal a retirement attraction
KwaZulu-Natal is famous for its warm climate, sunshine and peaceful scenic coastline. This province has become one of the most sought-after retirement destinations, as it is ideal for people wanting to experience a sense of independence, engage in a dynamic and relaxed lifestyle as well as invest in property opportunities.
Due to the self-sufficient nature of the Baby Boomer generation, there has been a massive demand for retirement villages as opposed to traditional old age homes.
KwaZulu-Natal’s population has grown from 10.27 million in 2011 to 11.4 million in 2017. Stats SA has listed KwaZulu-Natal to have the second largest population, with approximately 795 337 people aged 50 and above, as well as a further estimated 925 863 aged 60 and onwards.
It is assumed that in South Africa, the rate of people aged 60 plus is increasing at a compound yearly rate of 2.7% and is expected to increase by 15.4% in 2050.
According to Stats SA the estimated number of immigrants for the period between 2011 – 2016 was set at 277 867 people (inclusive of all age groups), this is expected to increase to 307 547 people between 2016 and 2021.
With this influx, there seems to be an inadequate amount of retirement properties to fulfil the demand. This has resulted in the development of additional retirement properties specifically towards the North Coast of Durban.
KwaZulu-Natal is increasingly providing desirable and affordable retirement options which explains the migration trend from Gauteng and Cape Town. This makes it possible for the elderly to downsize without compromising on maintaining a quality lifestyle and helps to increase on their savings.
Retirees value a quality environment, medical health care and convenient travel distances which is exactly what KwaZulu-Natal offers.