A comparison of property prices around the world
Housing prices vary wildly from one corner of the globe to another. In some cities, a large chunk of expats’ savings is spent on buying a home, while for others, the cost of property ownership is much more manageable. Here’s a comparison of global property prices.
A comparison of property prices around the world
It’s true that in South Africa R5 million could buy your dream home and in many decent areas, you can even find the perfect property for far less than that. However, if you were to sell your house for R5 million in South Africa and move to England or California then you’ll be lucky to find a small one-bedroom apartment to call home for that amount.
Even if you have R5 million to spend on property, it might not get you that far in Central London, a popular choice for families making the move out of South Africa to England. Here, R5 million will get you just a studio apartment. The same amount is likely to give you more bang for your buck in Florida, USA, where you can buy you an entry-level home for just over R4 million in Miami and around R3 million in Orlando.
Los Angeles and San Francisco has become a hugely popular cities for expats, largely because of their beachside location and similar climate to South Africa. To live in these cities, you’d be looking at an median house price of R7 million in Los Angeles and an eye-watering R23 million in San Francisco for a starter home.
Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa has some advice for expats: “It is incredibly difficult to purchase a primary residential property if you do not live in that country. My advice to our expats would be to rent for a few months and explore their surroundings before deciding on where to purchase a permanent home.”
Those who has their heart set on buying, should keep in mind that certain areas have more potential. For example, in Sydney you’re likely to bag yourself a 2 bedroom home for R10 million, while in regional areas Brisbane, you can get a large family home for R7 million.
