Top trend: SA set to become a hot choice for seniors
Category Buyer Advice
With tourism numbers rising and word spreading rapidly about the great lifestyle, property value and low cost of living on offer in SA - in addition to its sunny climate, wonderful people and beautiful nature - the country is set to become a major global retirement destination in the next few years.
Since the establishment of the Government of National Unity, the country's retirement visa programme has been streamlined, backlogs have been eliminated, and information campaigns have begun to create more awareness of what SA has to offer foreign retirees - and to overcome any negative, or mistaken, impressions they may have of the country.
It doesn't hurt that several airlines have introduced more direct flights from the US and Europe lately or that more cruise ships have started to dock in Cape Town and Durban, enabling foreign visitors to see for themselves that SA lacks nothing in terms of first-world amenities.
But the biggest draw card for most foreign retirees is likely to be the country's comparatively low cost of living. As Forbes reported recently, there are hundreds of thousands, if not millions, of US retirees now seeking to move abroad permanently because they either cannot afford to live comfortably on their social security income, or because they have realised how much more they can get for their money elsewhere.
Indeed, "live better for less" has become their mantra as they comb through possible retirement destinations, and given the prevailing Rand/USD exchange rate, SA is certainly a great place for them to do that. According to Numbeo, the cost of living in SA, including rent, is currently almost 57% lower than in the US, with rent prices being 72% lower and the cost of groceries being 60% lower.
But, as International Living magazine noted recently, "It's the price of real estate that really shines... at between 65% and 80% cheaper than in comparable locations in the US". What is more, it notes, is that US retirees would not be "sacrificing" anything at all by taking advantage of these low prices. "Many suburban neighbourhoods (in SA) wouldn't be out of place in the most desirable US cities."
For seniors from the UK and Europe, SA's climate and outdoor lifestyle remain important attractions, especially because extreme weather events are on the rise in the Northern hemisphere. But post-pandemic, these retirees are increasingly also on the hunt for places with a comparatively low cost of living that will enable them to stretch their retirement savings or state pensions.
And Numbeo shows that SA is also a great choice for them, with a cost of living that is between 50% and 60% lower than most UK or EU countries - and has the added benefit of being much more accessible for family visits than other popular retirement destinations such as Thailand, the Caribbean or Australia.
Author: Chas Everitt