Loading...
See More

FNB: Cape Town attracts most repeat buyers

Aug 29 2012 16:36 I-Net Bridge

Related Articles

Labour court interdicts prison authorities

Lessons from the market

Pop-up shops help budding entrepreneurs

Businessman shot dead in Cape Town

Rezoning approved for Cape Town stadium

 
Johannesburg - The Western Cape continues to outperform the other eight provinces in SA in terms of its ability to attract repeat home buyers from other provinces‚ according to the latest FNB Home Loans Property Barometer findings‚ announced on Wednesday.

“Although popular‚ Cape Town suffers a residential market mediocrity similar to other major regions at the moment‚ which is a function of a weak global economy. However‚ when it comes to indicators of long-term confidence in the various regions‚ Cape Town comes out generally better than the rest‚” FNB property economist John Loos said.

The city has the second-lowest emigration selling rate of the major cities‚ at 2.7% of total sellers since the beginning of last year‚ compared with the national average of 4%‚ according to estimates of property agents surveyed.

This is in contrast to “semigration” - selling in order to relocate to another part of SA - which made up 5.7% of total sales in Cape Town‚ against the national average of 8%.

Agents’ estimates of the number of foreign buyers of a region’s properties‚ expressed as a percentage of total buying‚ show Cape Town having a higher percentage - at 5% - than the rest of the major metros since the beginning of last year.

Breaking it down by province‚ results found the Western Cape to have the lowest net outbound relocation rate‚ at 10.7% of total repeat buyers. The net outbound relocation rate is calculated as inbound repeat buyers minus outbound repeat buyers‚ as a percentage of total repeat buyers. Cape Town is followed by Gauteng with 14%.

The smaller provinces had the highest rates of outbound migration‚ with Mpumalanga the highest at 33.9%‚ followed by the Northern Cape on 33.1% - which arguably speaks to a lack of economic opportunity in these provinces.

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...