A comparison of global property prices
If you’re planning to relocate overseas and buy a home, it’s important to keep in mind that the money you spend on a home in Johannesburg will buy you a piece of property in London that is a lot different than what you will get in South Africa. Here is a comparison of property prices around the world.
A comparison of global property prices
It seems that in today’s property market where house prices climb faster and faster, it’s not uncommon for the entry-level home to be listed around the R2 million mark, especially in South Africa’s major cities. But if you think that property in Midrand is too expensive, have a look at how we stack up to other countries, especially those cities most popular among expats.
Many people thinking of moving overseas, dream of living in the heart of a city. This location does come with a few perks such as restaurants, shops, public transport and other conveniences. Plus, the views of the city skyline and other major landmarks can be really stunning. But, all of these come with a hefty price tag. If you’re able to pay R5 million for your own place in Central London, you’re likely be stuck with a studio apartment rather than a penthouse. And, as alluring as it is to have the Opera House and Harbour Bridge outside your window, expect to pay the premium for property in Sydney where R10 million is the average. In San Francisco, one of America’s most expensive cities for living costs, the price of an entry-level home can be double that of Sydney, at R23 million.
“If you are planning on purchasing property when you reach your destination, then you need to avoid the trap of converting to Rands when doing your research. Remember, you will be earning in that country’s currency when you get there; unless you plan on purchasing from your South African savings, converting is rather a frivolous exercise,” advises Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
Finding property when moving overseas can be a varied experience for buyers. You can sell your home in South Africa and still score a score a good deal if you know where to look (the outskirts instead of the inner city, for example).
