SEMIGRATION
There is a clear flight of property wealth to the Western Cape , but Samuel Seeff , chairman of the Seeff Property Group says , it is potentially also going offshore . Where we do see the wealthy investing , even in the Cape , they are spending less than what they could with the rest then potentially invested offshore .
What is happening at the top end of the property market , he says , has always been a reliable initial indicator for investment in the country . It is the “ canary in the coal mine ” so to speak .
We see clearly , that despite two exceptionally good property years - and a record number of sales above R20 million in the Cape especially last year – we can clearly see that the upper price limits are now growing and it has stagnated in the Sandton / Johannesburg area .
Confidence is worryingly low , and the wealthy are clearly “ voting with their wallets ” showing that the wealthy are not confident about their investments . There is growing concern about where the country is heading .
Semigration trend
According to Antonie Goosen , principal and founder of Meridian
SA Real Estate Investor Magazine MARCH / APRIL 2023 63