{"id":780282,"date":"2024-07-02T15:00:00","date_gmt":"2024-07-02T13:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=780282"},"modified":"2024-07-02T13:56:29","modified_gmt":"2024-07-02T11:56:29","slug":"foreigners-are-flocking-to-this-province-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/780282\/foreigners-are-flocking-to-this-province-in-south-africa\/","title":{"rendered":"Foreigners are flocking to this province in South Africa"},"content":{"rendered":"\n

South Africa is still a popular immigration hotspot, with many foreigners drawn to Gauteng as their destination.<\/p>\n\n\n\n

Despite recent reports suggesting that Cape Town is the preferred destination for immigrants and semigrants (provincial migrants), Gauteng still sees the most movement.<\/p>\n\n\n\n

According to the latest Census 2022 provincial data, Gauteng is comfortably the most populated province in the country, with 15.8 million inhabitants. <\/p>\n\n\n\n

However, only 9.5 million people who live in Gauteng were born in the inland province. <\/p>\n\n\n\n

By contrast, 11.6 million of KwaZulu-Natal’s 12.4 million permanent residents were born in the coastal province.<\/p>\n\n\n\n

Gauteng is clearly a migration and semigration hub, with roughly a third of residents coming from other areas<\/strong>.<\/p>\n\n\n\n

Overall, 1.1 million people born outside of the country live in Gauteng. <\/p>\n\n\n\n

This is far more than the second place Western Cape, where only 368,000 foreigners live. <\/p>\n\n\n\n

In addition, Gauteng has a huge population from other parts of the country, with 1.3 million people from Limpopo living in the country’s economic hub. <\/p>\n\n\n\n

The vast majority of migrants from KZN also move to Gauteng, with 738,000 making the journey. <\/p>\n\n\n\n

That said, Gautengers are still more likely to move to the Western Cape than vice versa, with 241,000 moving to the Cape, while only 98,000 moved the other way. <\/p>\n\n\n

\n
\"\"<\/a>
Source: Stats SA<\/figcaption><\/figure><\/div>\n\n\n

Bang for your buck <\/strong><\/p>\n\n\n\n

Although Stats SA’s data is slightly dated, Johannesburg, the capital of Gauteng and the nation’s most populated city, continues to see a large influx of people migrating to the big city in search of economic opportunities, with many finding good value for property. <\/p>\n\n\n\n

Agents from the Seeff Property Group said that Johannesburg was the most affordable metro in the country for buying and renting.<\/p>\n\n\n\n

Lightstone data shows that the average transaction price for the metro is roughly R1.2 million, which is below the national average of R1.3 million. <\/p>\n\n\n\n

Pretoria’s average is only slightly above this. <\/p>\n\n\n\n

Affordability is a major feature of Johannesburg’s property market. The data shows that almost 77% of 2024’s transactions so far have been below the R1.5 million price mark, with almost half (47%) of these below R700,000.<\/p>\n\n\n\n

Gauteng has also been buoyed by the reverse emigration of South African expats, with many returning home after years abroad. <\/p>\n\n\n\n

Rory O\u2019Hagan from Chas Everitt <\/a>previously said that the Northern Suburbs of Johannesburg are extremely sought-after by returning homebuyers, as they offer good value for money and are close to Sandton.<\/p>\n\n\n\n

\u201cThe Cape Town and Johannesburg markets often find themselves at different stages of the property cycle, and while semigration has played a role in causing prices in Cape Town\u2019s most favoured areas to rocket over the past three years, those in Johannesburg have simultaneously moderated,” said O\u2019Hagan <\/p>\n\n\n\n

“Sellers in the luxury sector are now often willing, after price counselling, to accept 30% or even 40% less than when their properties were listed.” <\/p>\n\n\n\n

\u201cMeanwhile, returning expats are really diving into the sub-luxury sector between R5 million and R10 million as they realise just how much house they can buy for their money in Johannesburg.\u201d<\/p>\n\n\n\n

\n\n\n\n

Read: One of South Africa\u2019s biggest malls now has enough rooftop solar to cover 4 soccer fields<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Foreigners clearly have a favourite destination in South Africa, with many drawn to the value-for-money property prices. <\/p>\n","protected":false},"author":95,"featured_media":780293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26,11511,10773,1809],"class_list":["post-780282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline","tag-remax","tag-seeff","tag-stats-sa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/780282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=780282"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/780282\/revisions"}],"predecessor-version":[{"id":780516,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/780282\/revisions\/780516"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/780293"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=780282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=780282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=780282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}