A comparison of global property prices
Is R1 million enough to buy property in London? What about other major international cities that South African expats flock to? In this guide, we stack up three of the most popular destinations for immigrants to determine where your dream of homeownership will most likely become a reality – or shattered.
A comparison of global property prices
The United Kingdom, Australia, and the United States are three of the most popular choices for South Africans looking to set base overseas. But, they’re also the expensive markets for real estate, according to Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa. For the price of an entry level apartment and starter homes in these cities, one can easily buy a mansion in the upmarket community of Olympus.
“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 Goslett.
Global property prices vary from R5 million for a studio apartment in the heart of London to R10 million for a regular home in Sydney. America also top the expense table as entry-level homes range from R7 million in Los Angeles to R23 million in San Francisco. However, property prices overseas are just as location dependant as they are in South Africa. There is a lot of bang for your buck in Brisbane than in Australia. Home prices are lower in Miami than in California. Entry-level homes start at just over R4 million in Miami and north of R3 million in Orlando.
For South Africans, a buying a home for R2 million seems like a luxury it but placed in a global context that amount can take you from the banks of the Hartbeespoort Dam to a crammed middle-class borough on the outskirts of in London. So, depending on where you choose to live, your housing budget for moving overseas can buy you a very nice three-bedroom home or it might buy you a one-bedroom flat.
