Despite the numerous challenges facing the country, there is a growing trend of South African expatriates returning home.
Steve Thomas, representing Sotheby's International Realty, discussed this phenomenon with eNCA, highlighting lifestyle opportunities and the advantageous currency exchange rates as primary motivations.
He said a lot of work is portable, meaning that people can work and travel anywhere - not limited geographically. "If you can earn dollars, pounds, euros and live in Cape Town, then why not.
He said that more people are returning to cities like Cape Town because of the lifestyle the city affords.
Thomas conceded that with increased purchasing power, this behaviour is expected to elevate property values in regions such as the Western Cape. Nonetheless, he suggests that this outcome isn't inherently negative, as it breathes new life back into a market that has been depressed for some time.
Thomas further noted that historical trends have shown that previous elections often resulted in a market slowdown attributed to political and economic uncertainties. However, the upcoming election scheduled for the end of May is perceived by many as a source of optimism.
More than half of South African emigrants are located in the United Kingdom and Australia, with the third most living in the United States. Other popular destinations include New Zealand, Germany, United Arab Emirates, Canada, and China.
Many of these countries have unique problems, however, rising costs globally are making life more difficult for many to afford necessities such as groceries, petrol and rent/property.
A report in The Times, a UK publication, noted that which expats are choosing to return to South Africa and contend with load shedding, rampant corruption and crime, rather than deal with living costs in Britain and in Europe, and conflict in the Ukraine and the Middle East.
According to Thomas, expats and Europeans buying in SA are choosing gated communities in the R9 million - R15 million range, thereby solving load shedding and crime issues, among others.
South African expatriates may choose to return home for various reasons:
Family and Cultural Ties: Many expats feel a strong connection to their homeland and wish to be closer to family members, especially elderly parents or relatives who may need care or support. Additionally, they may want to reconnect with their cultural roots and traditions.
Career Opportunities: Some expats return to South Africa because they see promising career opportunities in their home country. This could include job prospects in growing industries, entrepreneurial ventures, or leadership positions that align with their skills and aspirations.
Quality of Life: Despite the challenges facing South Africa, many expats find value in the lifestyle and natural beauty that the country offers. They may appreciate the favorable climate, outdoor recreational opportunities, and lower cost of living compared to their host countries.
Investment and Business Opportunities: With an understanding of the local market and business environment, returning expats may see opportunities to invest in or start businesses in South Africa. They may also want to contribute to the development of their home country's economy.
Sense of Belonging: For some expats, returning home is driven by a desire to belong to a familiar community and contribute to the social fabric of South Africa. They may seek a sense of belonging and identity that they feel is lacking in their host countries.
Education and Upbringing of Children: Parents may choose to return to South Africa to provide their children with an education that aligns with their cultural values and beliefs. They may also want their children to grow up in familiar surroundings and be exposed to diverse cultural experiences.
Comentarios