Globally, where do you pay most for property?
The United States, United Kingdom and Australia offer expats a unique range of opportunities and exciting new ways of living. While it’s easy to find a job, stumbling upon cheap property is few and far between. We delve into the global property market to give you an idea of how much it can cost to set down roots in a foreign country.
Globally, where do you pay most for property?
Whether you’re relocating overseas for work, a new adventure or to be with a loved one, you’ll benefit from knowing how much it will set you back to buy a home after putting up your house for sale in South Africa. Understanding the cost of homeownership in a foreign city can help you avoid a mistake that can leave you worse off than if you’d stayed home.
Being the most popular UK destination for immigrants, London is often seen as the miniature version of South Africa. Sadly, the same can’t be said of their property prices which can be up to five times the average price of a house in South Africa. Those looking to settle in around the London’s central business district will be hard pressed to find a home in the R5 million range as this is said to be the price of a studio apartment in the inner city.
Another hit with expats, Sydney may be known as one of the friendliest cities in the world but the property prices there are definitely not friendly. The city centre also tops the expense table with the average house price hovering in the R10 million range. Australian expats might have better luck in Brisbane, where that number drops to around R7 million.
Known as the land of opportunity, America is also one of the top choices for expats looking to start a new life. Many aim for the glitz and glamour of Los Angeles, however, it takes around R7 million to set down roots there. You can also forget about finding a real estate deal in the neighbouring city San Francisco as the average house price here is a staggering R23 million.
It can be tough to find a home within your budget in a city where you can experience the best of the expat lifestyle. If you’re prioritising home ownership, you’ll likely find a better deal buying away from the sought-after areas, however, it may make more financial sense for expats to rent first before they buy.
