A number of locals are selling their properties to emigrate
Property Strategist at FNB, John Loos says the FNB Estate Agents Survey shows that there's an increase in people selling their property in order to emigrate.
The survey however, did not look at the reasons why these homeowners are selling their properties and why they are choosing to leave South Africa.
But Loos says he suspects they could be moving to get economic opportunities because of the weak rand.
Anyone who tries to tell you that a weak rand is good for the economy is dreaming, it contributes to your skill base erosion...John Loos, property strategist at FNB
Government finances are deteriorating which means they are looking for more ways to make up the revenue shortfall... we have also seen it with municipal rates and tariffs have been climbing significantly faster that inflation.John Loos, property strategist at FNB
The cost of large house is also resulting in more people selling their house to downgrade to smaller properties, says Loos.
To hear the rest of this interview, listen below: