Gauteng becomes magnet for young professionals
Young professionals are flocking to Gauteng from all over the country, specifically for the economic prosperity the province can provide. Whether it’s for the lifestyle, or the pay cheque, Gauteng’s first-time buyers’ market is sure to continue booming this year.
Find out why young, skilled professionals are flocking to Gauteng
People often relocate to another region that has better economic performance, which gives people more confidence in their region’s economic stability. Another important reason why people relocate is lifestyle – other regions within the country may offer them a lifestyle that better suits their needs. According to the 2017 FNB Estate Agent Survey, the economic slowdown over the last few years has caused a rise in the rate of relocation in South Africa. The number of people selling their homes in order to relocate to other parts of South Africa peaked at 10% in 2016.
Gauteng has become the most attractive province for young, skilled professionals, in turn attracting more of the country’s first time home buyers. As the economic hub of South Africa, the province offers a number good job opportunities, and a reliant transport system that makes commuting in and out of the city centre easy and affordable. The province also offers a more affordable property market, making it the most attractive option for young, skilled professionals.
Data shows that those who relocate and start to look for property for sale in Gauteng, soon enter the property market as first time home buyers. FNB statistics show that 28% of all Tshwane home buyers are first time buyers, and 22% of all Johannesburg home buyers are first time buyers. These statistics are higher than anywhere else in the country.
To conclude, Gauteng continues to attracting most of South Africa’s skilled labour, for a number of different reasons. The expected long-term result of this is that this region will economically outperform the others, for the foreseeable future.
