A look at global property prices
Given the difficult economic environment we live in, many South African are choosing to move abroad in search of a better life. It’s easy to get up in the opportunities and new experiences that await one in the new country, however, the excitement of immigrating to another country can quickly be dampened if you’re not prepared for the cost of buying a home in that country.
If you’re planning to list your property for sale and use it to cover the cost of buying a home in the country you’re moving to, you may still not be able to afford it. In one of the most popular destinations for expats, the United Kingdom, a studio flat can sell for over R5 million in Central London. However, if you’re able to meet that expense, you’ll have more luck settling in the outskirts of the city, where you can buy a one or two bedroom flat for that amount.
Looking at housing prices in Australia, expats can expect to pay around R10 million for property in the centre of Sydney near major attractions such as the Opera house or Harbour Bridge. Prices get a little cheaper if you invest in Brisbane, where that number drops to around R7 million.
If you’re chasing the American Dream, the State of Florida looks most appealing. In Miami, entry-level homes start at just over R4 million and north of R3 million in Orlando. Settling in California, you can buy an entry-level home in Los Angeles for R7 million, but it gets more expensive in San Francisco (two of the state’s popular cities), where an entry-level home can go for R23 million.
If you’re ready to make the move, enlist the help of local real estate agents can provide guidance about the cost of property purchases in the area. More than this, they can help you get a feel for the city so it can be easier to find your feet.
