{"id":640353,"date":"2022-11-06T15:00:18","date_gmt":"2022-11-06T13:00:18","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=640353"},"modified":"2022-11-06T15:06:55","modified_gmt":"2022-11-06T13:06:55","slug":"heres-what-a-r10-million-property-looks-like-in-south-africa-vs-london-australia-new-zealand-and-ireland","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/640353\/heres-what-a-r10-million-property-looks-like-in-south-africa-vs-london-australia-new-zealand-and-ireland\/","title":{"rendered":"Here\u2019s what a R10 million house looks like in South Africa vs London, Australia, New Zealand and Ireland"},"content":{"rendered":"

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Knight Frank reported that South Africa ranked 47th out of the 54 listed countries, with a nominal increase of 3.6%.<\/p>\n

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.<\/p>\n

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BusinessTech looked at what R10 million gets you in South Africa and in some of the popular cities around the globe:<\/p>\n

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South Africa (R10,000,000)<\/strong><\/p>\n