Expats are flocking back to SA.
Category News
It turns out the grass isn't always greener on the other side. Much like everywhere else, South Africa has its unique set of challenges and circumstances. While loadshedding and high levels of unemployment remain at the forefront of our minds, there is still so much more we continue to take for granted.
Several South Africans abroad have realised that, despite the worst circumstances, they do not seem to be enough of an obstacle to stop them from returning home. So what is it about South Africa that so many of us simply can't find anywhere else in the world? We take a close look at the reasons behind this latest phenomenon.
Rise in international and local demand for The Western Cape.
Expats from overseas are overwhelmingly choosing to either return to the Western Cape or consider it their destination of choice, regardless of whether they have never lived there before.
Outside of first-world amenities and gorgeous natural vistas, the Western Cape has seen an uptick in semigration on a national scale for years. For similar reasons, the international market continues to seek out property within burgeoning estates offering tight security and world-class living standards.
The pandemic had a lot to do with it.
There's no doubt that the international scene has been rocked by turmoil. Both in terms of worldwide events such as covid and geopolitical instability in Europe, causing gas and oil prices to soar. A state of flux, not felt since the close of the 2nd world war, has caused many abroad to reassess their life situations and how to address their needs.
The UK, where many expats choose to reside, has suffered through major political instability, economic hardship following Brexit and, more recently, former Prime Minister Liz Truss' disastrous Mini Budget, which crashed the Pound and resulted in her premiership lasting less than 45 days. These tumultuous factors have forced foreign nationals to reconsider their ideal quality of life and position within an increasingly polarised yet foreign political landscape.
Remote work offers a new form of freedom.
On a less strenuous note. Perhaps the only positive takeaway from a global lockdown was our knack for creative solutions to restrictions on our movement. While unable to gather in office spaces, the rise of remote working sparked a realisation in many that living close to work is no longer necessary.
Those who left the country primarily to pursue careers abroad now had the option to keep their jobs and work anywhere in the world. With many expats still choosing to call SA their true home, the option to have the best of both worlds could not be passed by.
Premium property for a buyer's market.
A recent article from BusinessTech concluded that several expats are coming back to South Africa and taking advantage of the recent buyer's market by snapping up premium homes priced in the R10 - R30 million margin.
Whether or not this is spurred by recent events or just the current market is unclear. However, earning foreign currency, especially in Dollars or Pounds, makes property in SA attractive and affordable. For context, a stately R10 million South African home is roughly the equivalent of £470 000 - the average price one would expect to pay for a modest duplex in London.
Other continuous factors.
Escaping the Eskom crisis is one thing, but living abroad and adjusting to a new lifestyle is another thing entirely. Going off from the above example, the cost of living remains one of the biggest deterrents and a barrier to entry for those living and seeking to live abroad.
Those who have had the option to experience living in a different country often speak of how limited their lifestyle has become, and in many cases, they had to downscale simply to make ends meet. Other factors, such as smaller spaces, lousy frigid weather, and cultural differences, make for many homesick expats.
If you want to buy or sell your home, contact one of our Real Estate Property Practitioners by following the link: https://www.homesofdistinction.co.za/agents/
Homes of Distinction CC holds a Fidelity Fund Certificate issued by the Property Practitioners Regulatory Authority.
Author: Bryce Anderson
