Immigration experts said that more South Africans are considering leaving the country because of load shedding and a rapidly increasing cost of living.
More South Africans are considering leaving the country because of load shedding and a dramatic increase in the cost of living, says Sarah Young, an investment migration manager at Sable International. “People are paying more for less and are fed up,” she said.
FNB’s data also shows that a growing number of families are selling their homes to relocate elsewhere in the country, with semigration-related sales jumping from 8% in Q1 2020 to 13% in Q2 2022. The bank said that this shift can be partly attributed to the growing work-from-home trend, as people move away from their offices to more desirable areas.
This varied markedly across regions, with the Western Cape and Eastern Cape faring better, the bank said. Homes in KwaZulu-Natal and Gauteng recorded the longest time on market, at approximately ten weeks, up from seven weeks and nine weeks respectively. Pessimism among this demographic has been on the increase, with professional financial services companyreporting a general decline in professionals’ confidence in the future of their profession, with a shift from 67% in 2019 to 60% at the end of 2021.
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