Property specialist and chairman of the Seeff Property Group, Samuel Seeff, says that an alarm is sounding over wealth leaving South Africa, and investors look elsewhere for more stable and better-run property markets.
“Where we do see the wealthy investing, even in the Cape, they are spending less than what they could with the rest then potentially invested offshore,” he said. Even in the Cape, Seeff noted that despite the record number of sales above R20 million across the Cape Town Metroin 2022, upper price limits have remained more or less the same as they were five years ago.
“The highest price achieved in Sandhurst reached only R30 million, well below what we should expect for what is one of the two top suburbs on the continent,” Seeff said.
Simple. Flee from where the ANC is to where the DA is.