While estimated selling in order to semigrate has subsided sharply in recent quarters, the trend towards selling in order to emigrate has increased.
This is according to FNB property sector strategist, John Loos, who said that the country’s major metro regions’ are seeing a broad rising trend.
Approximately 8% of total sellers in Gauteng said they were selling to emigrate, 9.57% in Cape Town and 10.64% in Ethekwini.
Loos said it is notable that while the semigration rate in Cape Town has slowed sharply, the emigration rate has not.
“(This is) probably because emigration is often more linked to households’ concerns not only with their region but with the broader South African environment, its weak economic conditions as well as longer run policy uncertainty,” he said.
“While the Western Cape’s emergence from drought may well have lifted its economic growth back up to a rate higher than other major South African regions, rendering those regions once again relatively unattractive for Capetonians in terms of employment opportunities, there are many economies abroad which boast significantly higher growth rates, and thus more attractive opportunities, than the Western Cape.”
BusinessTech recently reported that a number of Johannesburg residents were simply leaving their homes empty as they emigrate – with the hopes of selling the property at a later date.
Real estate agents from the area said that this was likely due to a combination of factors – including a desire to leave the country, but being hamstrung by the fact that it is a buyer’s market and they had difficulty selling.
Countries including the UK, New Zealand and Australia are popular destinations for skilled South Africans looking for an opportunity to further their careers, or create new beginnings for their family, particularly as South Africa’s economy cshows no sign of improving in the near term.
American think tank, Pew Research, recently released a report on the origins and destinations of the world’s migrants from 1990-2017. When looking at South Africa’s data, Pew Research found that at least 900,000 people born in South Africa were currently living in other countries in 2017.
For these South Africans the United Kingdom was the destination of choice, with 210,000 migrants as of 2017.
However, it was closely followed by Australia (190,000) and other popular countries including the USA (100,000) and New Zealand (60,000).