Here’s what a R3 million property looks like in South Africa vs London, Australia, New Zealand and Ireland

Many South Africans are heading abroad to seek new opportunities, which can initially cause some shock at what the rand can buy in a foreign country.

For people wishing to leave the country, whether temporarily or on a permanent basis, countries such as the UK, New Zealand, Australia, and Ireland have become hot spots.

Between January and May of this year, as many as 11,300 South Africans have had their residency applications approved for processing in New Zealand, said Statistics New Zealand.

This far outweighs the number of people that moved to the island nation over the whole of 2021 at 8,300.

According to data from the UN, New Zealand is the fourth most popular destination for South African expats, preceded by the UK, Australia and the United States.

Australia has also established itself as a go-to place for expats. The latest update from Statistics Australia showed that at the end of 2021, there were 201,900 South Africans living in the country, up 2,200 when compared to 2020.

Immigration specialists Sable International report that it is not only load shedding or financial pressures but concerns around safety and security and the uncertainty around future prospects of people’s children, that contribute to want, or need to leave the country.

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.

Here’s what R3 million gets you in South Africa and across the globe:

South Africa