Global property prices: a guide for expats
Planning a new life abroad comes with quite a few special stumbling blocks. Finding the right property that falls within your budget is one of the challenges of making the transition to your new international life. This overview of property prices in three of the most popular cities for expats gives you guidance for setting down roots.
Globally property prices: a guide for expats
Every year, thousands of South African citizens call another country home. If you’re thinking about selling your property and trading South Africa for the golden beaches of Miami or the metropolitan flair of London, you need to be in good shape financially, coming from Mzansi.
While the United States, United Kingdom and Australia are three of the destinations of choice for most expats, these countries often rank as having the highest living costs in the world. One only need to look at their housing market to confirm this. In Prime Central London, you’re looking at around R5 million for a studio apartment. If you’re really lucky, this might also afford you a one-bedroom flat. Australia is one of the best performing economies globally and as a result, the property market is quite mature, with a median house price of R10 million around Sydney’s central business district. The US housing market also seems to have entered the domain of the elite, with an entry-level home costing around R7 million in Los Angeles and R23 in San Francisco.
As an expat, it may be more practical to rent first, so you can adapt to their new environment without being tied to a huge financial commitment. Renting is also a great option if you are not sure where you want to live or if you decide that that life as an expat is not for you.
The struggle is real when it comes to finding an affordable place to call your own in a foreign country. If you decide to buy, where you set roots can make a huge difference to what a property will cost you. Demand for homes often increase in a neighbourhood where amenities, schools, and job opportunities are ample and you might find the price tags to suit your budget outside the most sought-after areas.
