South Africa Property Sales show 18% are immigrating

There are now more properties on the South African property market by owners leaving the country than ever before

Over the past three quarters the number of total South African residential property sellers selling in order to emigrate has risen from nine percent to 18 percent of total sales, according to FNB Residential Property Barometer for the second quarter of 2008 released this week. 

Most active emigration major area is KZN where 25 percent of total sellers are selling in order to emigrate followed by Pretoria with 21 percent and Johannesburg 18 percent. Least affected areas are Western Cape at nine percent and the Eastern Cape at eight percent of total sellers. 

Of the 18 percent of total sellers planning to emigrate 22 percent are from upper income brackets, 18 percent from high net worth; 16 percent from the middle income bracket and 11 percent from lower income levels. 

Read the FNB barometer – reasons for selling report