The percentage of people selling their property to emigrate is now half of what it was four years ago, data from the latest FNB Residential Property Barometer has shown.
Most sellers planning to emigrate are between 35 and 44 years old and homes sold for this reason are mostly in the R2.6 million to R3 million price range.Almost one in four of homes sold in the second quarter were due to financial pressure - up from 17% in the first quarter. In the lower price brackets below R500 000, about one in three houses are sold for financial reasons.
"Elevated living costs as well as higher borrowing and debt-servicing costs continue to erode affordability, particularly among lower-income groups," says Mkhwanazi.
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