Here’s what a R5 million property looks like in South Africa vs London, the US, Cyprus and Portugal
South Africans are downscaling to adjust to financial pressures; however, according to FNB’s latest property barometer, as many as 8% of people are selling their homes with plans to leave the country.
As many as 14% of home-sellers in the R3.6 million and above house bracket are selling to emigrate, the lender said. This data shows that upper-middle-income South Africans are more likely to sell their property and emigrate.
Immigration specialists Sable International report that it is not only load shedding or financial pressure,s but concerns around safety and security and the uncertainty around future prospects of people’s children, that contribute to South Africans immigrating.
Mauritius and Portugal alongside other countries offer many tax incentives for South Africans. Mauritius boasts a simple taxation system where the company, personal income, capital gains and dividend incomes are all taxed at a flat rate of 15%, with further tax concessions available, said the director of financial consultant company Soverign Trust SA Limited.
Despite incentives abroad, the rand is weaker than its overseas counterparts and according to MortgageMe, the local housing market is expected to remain favourable for buyers and property investors this year.
Here’s what R5 million gets you in South Africa and across the globe:
South Africa
- Property in Gauteng (Midstream Hills Estate)
- Price: R4,995,00
- 5 bedrooms / 4 bathrooms / 3 reception rooms / urban lifestyle estate / double-storey
- House in Cape Town (Bergvliet)
- Price: R4,595,000
- 6 bedroom/ 5 bathroom/ 3 reception/ 2 garages
- Cluster in Craighall Park (Gauteng)
- Price: R4,999,000
- 3 bedroom / 3,5 bathrooms/ 2 reception rooms / 1 garage
- Townhouse in Sheffield Beach (Ballito)
- Price: R5, 000,000
- 4 bedroom / 4 bathrooms/ 2 reception rooms
England
- Studio apartment in West London (Brentford)
- Price: R4,915,000
- Studio apartment / 31 Sq meters
Australia
- Apartment in Melbourne, Australia (La Trobe Street)
- Price: R5,040,378
- 2 bedroom/ 1 bathroom/ 51 square meter
Cyprus
- Suburban apartment in Cyprus (Tala)
- Price: R4,862,682
- 3 bedroom/ common pool/ furnished
United States
- Condo in California (Palm Springs)
- Price: R4,948,202
- 2 bedroom/ 2 bathrooms/ 108,6 square meters
Portugal
- Apartment in Lisbon, Portugal (Penha de Franca)
- Price: R5,035,147
- 2 bedroom / open plan equipped kitchen/ 66 square meter
Read: Government announced plans for 3 new ‘cities’ in South Africa – what you should know
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