R40 million for a house next to Nkosazana Dlamini-Zuma and Shaun Pollock

A mere R35-million is all you need if you want to live in one of the country's most expensive neighbourhoods.

That's the going rate for a property at Zimbali Coastal Resort on the KwaZulu-Natal north coast.

Homeowners include businesswoman Bridgette Radebe and her husband, Minister in the Presidency, Jeff Radebe; chairwoman of the African Union Nkosazana Dlamini-Zuma; singer Patricia Lewis; former Proteas captain Shaun Pollock; and Stephen Saad, founder of Aspen Pharmacare.

Properties along Milkwood, Cherrywood and Corkwood, the most sought-after addresses, are on the market for up to R40-million.

These sea-facing properties with opulent, fine finishes, hidden in lush vegetation, have been valued up to R35-million, according to recent municipal property valuations.

The estate boasts a gym, restaurants, bars, a valley of pools, jungle gyms for children, and tennis and squash courts.

According to Abubaker Rahim of eValuations, who conducted the latest property valuations for the KwaDukuza Municipality, that included estates such as Zimbali, Simbithi, Brettenwood and Kirkwood, said Zimbali had the most expensive properties in the province.

"People pay a lot of money for properties on the beach."

He said a property in Zimbali which had been improved may have cost R2-million in 2010 but this would have increased to R5-million because of the improvements.

The most expensive beachfront properties along Milkwood Drive, according to the valuation, are priced between R10-million and R35-million.

The sale of a four-bedroom house on Milkwood Drive late last year for R34-million was the most expensive transaction the estate has yet seen.

Among the high-end properties on the market are two in Milkwood and Cherrywood selling for R40-million and R36-million respectively.

Vaughn Reiche, of Zimbali's sales office, said properties along the 3.6km beach were the most expensive because of their sea views.

"It is the quality of lifestyle on the estate - security, nature conservation, facilities, easy beach access, two five-star hotels and a world-class golf course - that attracts people," said Reiche. He said owing to the quality of the developments, prices keep escalating.

Andreas Wassenaar, of Seeff Dolphin Coast, said Zimbali was definitely the premier neighbourhood in KwaZulu-Natal. "Property values increased substantially between 2004 and 2008. In the past six months there has been a scarcity of properties, which means the pricing will start to move."

Adjacent to Zimbali is a palatial 7ha property owned by a Zimbabwean businessman, Robert Mhlanga.

It was sold by Michelle Linda Mauvis a few years ago to Mhlanga, a retired air vice-marshal, for R100-million.

He apparently spent millions more on man-made lakes and renovations that included bulletproof windows.