Despite the surge in emigration due to the nation’s plethora of challenges, data and insights from experts paint a different picture, according to BusinessTech.
The latest property data show that the number of South Africans selling their houses to emigrate is nothing out of the ordinary.
The latest FNB Estate Agents Survey for Q4 2023 indicates that financial pressure-induced sales have remained high at 25% of total volume. The historical average is 18%.
This is disproportionately higher in the affordable market (53.6% in the R250 000 to R500 000 price band) due to the increase in living and debt servicing costs.
Sales attributed to “semigration” have normalised at 11% – down from the peak of 14% in Q3 2022 but still above the 9% average.
However, several finance and property experts have highlighted a return of expats.
Tax Consulting SA said that this is due to lifestyle, cost of living, and the allure of affordable luxury home ownership.
Rory O’Hagan, principal of the Chas Everitt Hyde Park and Sandton office, has noted expats returning, especially to Johannesburg’s northern suburbs.
O’Hagan reports daily enquiries from all age groups: some have lived abroad for many years are returning to take up new jobs or establish new businesses. Most are highly skilled with years of experience.
Reasons for returning include unpleasant weather, family and friends, possible fallout from the major conflicts, rising costs of living in Europe, and being able to buy better properties here with their adopted currencies.