Global property prices compared
Is R5 million enough to buy a home in London? What about other popular destinations for South African expats? In this article we stack up the home prices across many of the worlds prominent cities to find out where you could afford to buy property.
Global property prices compared
Every year, hundreds of South Africans leave their hometowns and start a new life abroad. Some has found better career opportunities while others move to enjoy their retirement. Whatever the reason, taking the leap is rarely a hassle-free process, and often can be a rather costly affair.
You may think that South Africans have it bad when it comes to buying a house, but take a look at what that R5 million home you bought a couple of years ago can buy you around the world (assuming that you intend to sell your house and use the money to buy property overseas).
Depending on where you go, you can either comfortably take the step on the foreign property or the market will shut its door in your face. Sydney, for instance, is notoriously expensive for home buyers and ranks as the city with the highest median prices. If you’re buying in the city centre near major tourist hotspots such as the Harbour Bridge and the Opera House, expect to pay R10 million for a home, however, a better deal awaits you in Brisbane where you can become a homeowner for R7 million.
In Central London, R5 million it will only buy enough to buy a studio apartment, or a one-bedroom apartment if you’re lucky, but if you invest in the outskirts of town, such as Watford which is within 20 minutes of the city by train, it will stretch to the size of a family home.
If you head west to North America, you’ll have better value for your money in Florida. You can buy an entry level home for below R5 million in Miami and Orlando. However, if you wish to claim your slice of the American dream in California, prepare to splurge R7 million for a starter home in Los Angeles or double that figure in San Francisco.
As the saying goes in real estate – it’s all about location, location, location. This holds true for any city in the world, however, as an expat, it may be worth renting first. Not only will this give you a chance to explore your surroundings before deciding on where to purchase a permanent home, by which time, housing prices may have improved.
