Increased Property Enquiries From Expats

The information in this article is courtesy of Realestateweb (Expatriates desire to return home within 24 months – 26 March 2009).

The amount of enquiries received from South Africans living abroad shows that the international meltdown is urging expats to return home.

A number of realtors have already indicated that they are currently seeing increased interest from expats on their websites. According to Seeff most of the expats who visited their stand at the recent Homecoming Revolution held in London, indicated that they want to return home within the next 2 years.

Seeff’s general manager, Emarie Campbell attributed the change of heart to South African who previously held secure positions and earned good money, but now faces cutbacks or retrenchments due to tough economic conditions.

Most of these South African said that they need to sell their properties first before they return home although some are still concern about the unpopular Black Economic Empowerment policies and crime.

Campbell explained that in contrast to this, they have seen a drop in Europeans looking for second or holiday homes in South Africa.

Expats returning home are also fuelling the rental market and favourable exchange rates make it easier for them to stomach banks’ strict lending criteria.

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