Semigration – where South Africans move between provinces - has overtaken emigration as a key driver for house sales in SA's largest metros, according to property data compiled by FNB.
Emigration-triggered property transactions, meanwhile, fell from around 18% of sales in 2019 to an average of 9% this year. Purchases of houses by foreigners have also dipped. While SA's weakening rand has made the country an attractive value proposition, sales have fallen to 3% of total volumes, lower than the long-term average of 4.2%.
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