The United Kingdom (UK), Australia and the United States of America (USA) are some of the main destinations where South Africans emigrate; however, properties in these countries are significantly more expensive than in South Africa.
Compared to other countries, South Africa’s property market is significantly cheaper.
According to a study by Netcredit – an American online lender – Pretoria is the most affordable capital city in the world.
Netcredit said the average home in Pretoria costs just seven times the average salary, the best affordability in the world.
It would only take 4.7 yearly salaries to afford the median house price in Pretoria.
By comparison, on the other end of the scale, it would take roughly 160 years to afford the median house price in Tehran, Iran.
In addition, the 2023 Wealth Report by Knight Frank noted that Cape Town is cheaper than most other luxury markets in the world.
The report said that Cape Town is the world’s second most affordable luxury property market, with US$1 million getting 218 sqm – only beaten by Sao Paulo, Brazil.
Monaco, Monte Carlo is the most expensive, where US$1 million will only get approximately 17 sqm.
Due to the comparatively cheap South African market, the average house price in Australia, the UK and the USA could buy a lot more in South Africa.
The average house prices in the UK, Australia and the USA and their rand values are listed below:
For this article, BusinessTech expanded its scope and looked beyond South Africa’s three most populated cities – Johannesburg, Cape Town and Durban – while also avoiding the most populated areas in the UK, Australia and the USA.
UK – Liverpool vs Rustenberg
- Two bedroom house in Liverpool, UK
- Price: £290,000 (R6,500,000)
- Five Bedroom house in Cashan, Rustenburg
- Price: R6,450,000
Australia – Adelaide vs Gqeberha
- Two Bedroom house in Adelaide, Australia
- Price: AUD815,000 (R9,900,000)
- Six Bedroom house in Lovemore Park, Gqeberha
- Price: R9,750,000
USA – Washington D.C. vs Pretoria
- One Bedroom Apartment in Washington DC.
- Price: $540,000 (R9,880,000)
Six Bedroom house in Mooikloof Equestrian Estate, Pretoria
Price: R9,500,000
Read: South Africa has a new property hotspot – these are the houses you can get
