A Look at global property prices
If you were to sell your home and move overseas, what type of property will you be able to afford? Private Property ran the numbers, and the results will have you thinking that South Africans may not have it that bad when it comes to property prices.
A look at global property prices
If you’re a South African on the verge of moving overseas and have R5 million to spare on a home, you’re probably setting yourself up for disappointment if you think you’ll be able to buy a mansion abroad. While you can easily land a large family house in Alexandra for that kind of budget, it might not get you that far around the world, depending on what you’re looking for and where you want to live.
Private Property examined the markets of different metropolitan areas across the globe to determine what expats realistically can afford. If you’re putting down roots in London, your house hunting journey will likely end at a studio apartment, which sells for R5 million. However, this is in London’s central business district so you’re essentially paying higher for perks such as the proximity to work, schools, universities and the tourist hotspots. if you’re looking further away from the city centre, areas on the outskirts such Watford are more budget friendly.
In Sydney, Australia, you’re going to double that amount for living in a prime location. The median house price there is currently around the R10 million mark, but again, if you’re investing in a less popular location such as Brisbane, you can get away with a R7 million home.
In the United States, owning a home is the ultimate American dream, however, it seems more like a nightmare in San Francisco and Los Angeles where a starter home comes with a price tag of R23 million for the former and R7 million for the latter. Rather set your sights on Florida, where you can land a home for R3 million in Miami and R4 million in Orlando.
It’s important to be careful about the decision to buy a house as soon as you move abroad, especially if you’re not sure where your expat life is headed. Renting for the first year or two will help you find your feet, scout the market and find the ideal property where you can enjoy life as an expat.
