FNB’s latest property barometer for South Africa (SA) showed a few reasons why locals are selling their homes. The data revealed that the reasons for selling homes have somewhat remind unchanged through the last quarter.
A majority of home sellers are intending to downscale
Most homeowners in SA are selling in order to downscale to something more affordable. The remainder of the homeowners who are selling are looking to do so in order to emigrate.
Financial pressure seems to be the key reason for home sales. Approximately 18% of people planning to sell are doing so to downscale for affordability. Around 9% are selling their homes with the intention of leaving South Africa.
Wealthier South Africans are more likely to sell to emigrate
Wealthier locals are more likely to sell up in order to emigrate. Around 15% of people selling their homes in the R2.6 million to R3.6 million bracket are doing so in order to emigrate.
Business Tech reports that in the second half of 2021, agents reported that sales due to financial pressure were estimated to be around 20%. In comparison, emigration sales in SA were around 8%.
Multi-millionaires ‘rushing out of SA’ – and going to THESE luxury locations
Approximately 4 500 high-net-worth individuals have left South Africa over the past ten years (between 2011 and 2021). The Africa Wealth Report, produced by New World Wealth, released some pretty interesting statistics regarding richer South Africans and where they’ve gone.
Most of these individuals made their way to the United Kingdom (UK), Australia and the United States of America (USA). According to the 2022 report, a large number of South Africans also went to Portugal, Switzerland, Israel, Mauritius, New Zealand, the United Arab Emirates (UAE), Monaco, Malta and Canada.
A noteworthy aspect of the movement is that there are 15 South African born billionaires in the world. However, only five of these billionaires still reside in Mzansi. A large number of South African billionaires left the country over the past ten to 20 years. Read the full story here.