Those who are returning to South Africa have more than its rich history, natural beauty, lifestyle and comfort of home to celebrate.
With the currency rate on their side, many expats are opting to invest in property in the country, where they can be certain of considerably greater value for their long-term financial security.
This is according to Bradd Bendall, the interim chief executive of BetterBond.
“Inflation and higher interest rates are not unique to South Africa, but having pounds or dollars in the bank does give buyers of local properties a considerable financial edge.
“It is therefore not surprising that, according to the Prime Residential Index (PIRI 100), Cape Town has one of the best performing luxury markets in the world,” said Bendall.
According to the most recent Knight Frank Report (2024), in London, $1million (R18,8 million) will purchase around 33 square metres of property. In Sydney, you can obtain an extra 10 square metres for the same price, while in Cape Town, you can get 196 square metres for the same cost.
However, according to Bendall, Cape Town is not the only city that attracts expats.
While it has a lot to offer in terms of lifestyle, Gauteng is still considered as a destination for economic opportunity, since it is the greatest provincial contributor (34%) to the national economy, with a variety of job opportunities and better incomes.
“Anecdotally, we are hearing that many of the returning expatriates are those who settled overseas before they were married, and now want to settle in their home country with their families so that they can offer them a better quality lifestyle. They have pounds or dollars saved up, and they know they can afford far more than they could overseas,” added Bendall.
Additionally, according to a report by The Times, expats opt to deal with the country’s tough conditions and be content rather than continue to reside overseas.
“South Africans living in the UK and Europe are becoming more miserable every day, with wars on their doorstep, uncontrolled immigration and the increasing cost of living.
“At the end of the day, we all aspire to live a better lifestyle and will seek it out,” an agent of the Lew Geffen Sotheby’s International Realty in Cape Town was quoted as saying by The Times.
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