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. FNB said the fall in sales from a peak of 6% in 2016 likely points to "unfavourable sentiment towards the country". Falling interest in SA's residential property market by expatriates and foreigners may have tempered house price growth, the bank said. "The negative net foreign demand explains, in part, the restrained trajectory of house price growth in South Africa," said FNB.

Source: News 24 August 13, 2023 20:20 UTC