Upper-middle income South Africans are selling up to emigrate

While most homeowners plan to sell to downscale due to financial pressures, FNB said that a number of people are also looking to sell their homes to emigrate.

As many as 14% of home sellers in the R2.6 million – R3.6 million house price bracket are selling to emigrate, with this figure dropping to 11% in the R3.6 million+ house band. Emigration-related sales in South Africa increased steadily between 2015 and 2019, rising from 5% of total sales in 2015 to a record-high of 13.4% in Q2 2019.

The resurgence in market volumes was more pronounced in the affordable segments, following a more severe decline in 2020 due to the harsher impact of the pandemic on lower-income households.

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