Popular property countries for South Africans.
Being the UK destination of choice for our expats, London is often referred to as the miniature South Africa – sadly though, property here does not come cheap.
In prime Central London, you’re looking at around £300,000 for a studio apartment. If you’re really lucky, this might also afford you a one-bedroom flat.
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Many prefer to purchase property on the outskirts of town and commute into the city. For example, areas such as Watford offer better value for money but are within 20 minutes of the city by train.
For the prime Central London market, invest in smaller properties, such as one or two bedrooms rather than larger – that would be my advice at present. Don’t be frightened to go a little out of the center of the city as there are very good yields to be had from areas that are easily commutable, said Roger Collings of RE/MAX Central.
United States of America
Florida and California are the two states in America with climates most similar to that of South Africa’s, which makes them the most desirable states for South African expats.
According to the California Association of Realtors’ website, the average price for an entry-level home in Los Angeles currently stands at around $530,000 and at $1,620,000 in San Francisco (two of the state’s most popular cities).
However, prices are somewhat more affordable in Florida, with entry-level homes starting at around $283,000 in Miami and $240,000 in Orlando.
Despite a sluggish first quarter owing to Hurricane Irma, the market has rebounded. Housing prices are fairly stable at the moment but are rising. However, inventory remains low which currently makes it a seller’s market, said John Rainey, Regional Vice President of RE/MAX Florida.
Two of the biggest cities in this region are Brisbane and Sydney.
But, as appealing as it may be to live near to the iconic Sydney Opera house or Harbour Bridge, living in this tourist city comes at a cost.
The median house price in Sydney is roughly AUD$1.1 million. However, if you choose to stay in Brisbane, that number drops to around $665,000.
We have been through a period in Australia of record low interest rates over the last three years which has driven house prices up at a rapid rate in Sydney and Melbourne specifically,” said Josh Davoren, Director of RE/MAX Australia.
Now, however, due to restrictions imposed by the Chinese government reducing the foreign market, and with our major banks tightening up on their lending practices, we are noticing that the market is plateauing in these areas, with more owners looking to cash-in on their property gains and migrate to more affordable locations.
While I think Sydney and Melbourne will remain at a premium price point for the foreseeable future, I believe it likely that the other locations will creep up in price and we may also see a bit more of a cooling off in prices in Sydney and Melbourne,
Authors: Adrian Goslett; Roger Collings; Josh Davoren
Original publisher: BusinessTech