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The Grass is Greener Back Home!

By
Real Estate Agent with Chas Everitt International

From Andre de Villiers - Chas Everitt Cape Town Regional Chairman (South Africa):

Chas Everitt offices in the Western Cape South Africa have reported an increase in returning South Africans from abroad due to the poor economic circumstances overseas.

There has also been a marked downturn in South Africans selling because they are emigrating. Both of these factors are having a positive effect on the property market and returning South Africans particularly are stimulating the already strong rental market.

While there still seems to be substantial pessimism about economic and political conditions in South Africa returning South Africans are basically at one that conditions are worse overseas with most of them confirming a desire to rather face difficult times here than abroad. Jack Mullin who recently returned and rented a property through Chas Everitt in False Bay mused that it was like wanting your mother when you are not feeling well, "it may not be rational but it just feels better" he said.

Most returning South Africans are from tthe UK and Ireland where they warn those planning on going abroad to work to think twice. Jobs are increasingly scarce and there are signs of growing intolerance in the UK towards foreigners that are seen to be taking jobs away from locals - particularly more menial work.

A number of sellers who had initially planned to emigrate have postponed plans and taken their properties off the market as it has become increasingly clear that their expected prices are unlikely to be achieved.

I will ascertain the degree to which this is being experienced nationally at our annual company convention next week and will edit this post on my return but I will not be suprised if it is indeed a national trend.  It would also be interesting to hear from other Realtors in emerging markets if a similar trend has been noticed.

Andre de Villiers

www.ChasEveritt.co.za

www.CapeTownProperty.com

 

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Stuart Dobson
eLoanRates.org - Thornton, CO

I just read a local article in Denver, CO about the same trend with Mexicans.  That overall, although their job prospects are poorer, they are returning to Mexico because their quality of life is better!

Mar 04, 2009 10:26 AM