House sales spike as emigration soars
Emigration-driven housing sales may have reached 10-year highs in SA, but living costs here are still far cheaper than in many other cities across the globe
The number of South Africans leaving the country for greener pastures has risen sharply over the past 18 months, new research suggests. The number of SA home sellers who cite emigration as the reason for placing their property on the market nearly doubled from 7% in the fourth quarter of 2017 to a 10-year high of 13.4% in the second quarter of this year, according to the latest FNB Estate Agents Barometer.
Interestingly, the rise in emigration-driven housing sales is no longer only prevalent in upper price brackets — typically R3.5m-plus — but has also spilt over to the lower and middle segments of the market. Over the past year alone, the number of sellers looking to offload properties priced below R1.6m because they were emigrating jumped from 4.3% to 10.6%...