Monday, January 26, 2009

Fewer South Africans |Emigrate - because they can't afford to...

This may be good for the housing market as the article states below.

But arguably the most exciting news emanating from the Barometer was the estate agents’ view that the percentage of sellers selling in order to emigrate had declined significantly from 20% in the previous quarter to 14% in the final quarter of 2008, this following a steady rise since late 2007. Should this be the start of a downward trend in emigration selling, it would not only provide support for the property market but for the economy as a whole.

Three such headline trends showing improvements are the time property remained on the market, the selling price of property, and first-time entrants into the market. The length of time property remains on the market has shifted. From a peak of 20 weeks and 1 day, Q4 2008 saw the average time on the market fall significantly to 15 weeks and 3 days, by far the most significant drop since the Barometer’s inception back in 2004.

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