Here’s what a R10 million house looks like in South Africa vs London, Australia, New Zealand and Ireland

 ·6 Nov 2022

Many South Africans are considering moving abroad for ‘greener pastures’; however, they may come to find that what you can get locally in terms of property is better bang for your buck.

The usual hotspots for South Africans looking to emigrate are Australia, the UK and New Zealand – with the Netherlands, the US and even Portugal becoming go-tos.

Just within the first three months of the year, Statistics New Zealand, 11,300 South Africans have had their residence applications approved for processing in New Zealand – far outweighing the amount that moved in 2021 at 8,300.

As global inflation continues to rise, interest hikes follow suit affecting home loan rates everywhere. Currently, in South Africa, the prime home loan rate sits at 9.75%, with houses that cost R5 million setting a person back R47,000 a month.

In light of higher interest rates, prospective homeowners and consumers have had to tighten their belts and look to save money where they can not just in South Africa.

The global property market has, interestingly, shown house prices increasing contrary to analysts’ expectations. Global property firm, Knight Frank, has tracked house prices across the globe and ranked them.

Knight Frank reported that South Africa ranked 47th out of the 54 listed countries, with a nominal increase of 3.6%.

According to Knight Frank, as a result of global inflation, house prices in real terms are averaging just 1.6% growth in the year to Q2 2022, down from 6.2% a year earlier.

BusinessTech looked at what R10 million gets you in South Africa and in some of the popular cities around the globe:

South Africa (R10,000,000)

  • Property in Gauteng 
  • 3 Bedroom House for Sale in Parktown North
  • Price: R10,000,000

  • Property in Western Cape
  • 4 Bedroom House for Sale in Fresnaye, Cape Town
  • Price: R9,999,000

  • Property in KwaZulu-Natal
  • 5 Bedroom House for Sale in Brettenwood Coastal Estate, Ballito
  • Price: R9,950,000

London (BGP484,000)

  • Property in London
  • 2 Bedroom House For Sale in Enfield, North London
  • Price: R9,808,305

Australia (A$860,000)

  • Property in Melbourne
  • 2 Bedroom House For Sale in North Melbourne, Vic
  • Price: R10,000,000

Ireland (EUR 555,000)

  • Property in Ireland
  • 2 Bedroom House For Sale in Dublin
  • Price: R9,800,000

New Zealand (NZ$940,000)

  • Property in Christchurch
  • 2 Bedroom House For Sale in Auckland City, Auckland
  • Price: R10,000,000

Netherlands (EUR 555,000)

  • Property in Amsterdam
  • 6 Bedroom House For Sale in Beemdenbuurt, Netherlands
  • Price: R9,890,000

Read: Mega’ beach’ development in Joburg – here’s how much it costs to live there

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