It’s no secret that the price of property in London is high.
The average price for a 385 square foot one-bedroom flat just outside the city centre is £473,073 ($611,304), according to the Nationwide House Price Index — a staggering 100% higher than the UK national average price of £234,794.
But did you know you can get a seven-bedroom mansion, complete with a swimming pool, in South Africa for the same price as a one-bed flat in the UK capital?
International money transfer firm Foreign Exchange investigated the cost of homes in popular cities around the world for British expats. It came up with 10 that offer far better value for money than what you’ll find in London.
To produce the list, the average London property price — £473,073 — was converted into the local currencies of the 10 cities that were examined. The company then used this figure to search for properties using online estate agents and property sites, such as Rightmove and Zoopla.
The price of each property was then converted into pounds and the sum was deducted from the average London property price to give a total saving price. The firm also used a historical exchange rate from June 2016 to see how the prices compare to those pre-Brexit, as over the past year, currency fluctuations and the weakened pound has meant that Sterling is valued relatively low.
The average number of bedrooms and square footage of the properties abroad was also calculated to give a size comparison to a one-bed flat in London. Lastly, weekly food costs were examined to help provide a rounded comparison of life overseas and life in London.
On average, Foreign Exchange found properties are over £32,000 cheaper and six times larger abroad. Still, despite London’s astronomical property prices, it was one of the most affordable places to live in terms of the cost of a weekly shop, which came in at £49.
A spokesperson at Foreign Exchange, said: “Some of the findings were quite surprising to us, we were expecting homes abroad to be cheaper but we were not expecting huge size differences and the savings that could be enjoyed from buying abroad.”
Scroll down to see what you could buy around the world for the price of an average London property. They are ranked based on bang for your buck, from lowest to highest.
The average price of the property is listed within each picture below. The first figure reflects the property price pre-Brexit, while the second is from June 2017, after Britain’s vote to leave the EU.
10. Melbourne, Australia — a three bedroom, two bathroom apartment.
Melbourne in Australia was the city where property had the closest resemblance to London in terms of price and size, according to Foreign Exchange. A three-bedroom apartment could be purchased in the centre of the city for just £18,000 shy of the London price.
The weekly shop was cheaper, though, at £57.
9. Wellington, New Zealand — a three bedroom, one bathroom detached house.
For close to £30,000 less than the cost of a London flat, you can get a detached three-bedroom house with a bathroom, garden, and garage and 2,077 square feet of space in Wellington, New Zealand.
8. Toronto, Canada — a four bedroom, two bathroom detached house.
A big detached house with a garden in the centre of Ontario, Canada’s capital, costs £9,889 less than a London flat.
7. Marseille, France — a four bedroom, two bathroom apartment.
You’ll only spend £51 a week on groceries while living in a four bedroom, two bathroom apartment in Marseille — and you’ll save £18,640 on the property compared to London.
6. Nicosia, Cyprus — a four bedroom villa with a pool.
Fancy a four bedroom villa with a pool and a garden? In Cyprus, the dream can become a reality for £37,097 less than the cost of a one-bed flat in the UK’s capital.
5. Madrid, Spain — a five bedroom, three bathroom apartment.
Buy a detached home in Madrid with massive savings of £54,175 compared to the price of a London one-bed.
4. Turin, Italy — a five bedroom, two bathroom detached house.
If Italy is more your flavour, you’ll save a massive £87,234 on property living in a five bedroom detached home.
3. Sacramento, US — A five bedroom, three bathroom detached house.
Get a cookie-cutter American detached home complete with a driveway, garage, three bedrooms, and a garden for a saving of £48,837 compared to London. The weekly shop will cost you £71, though.
2. Faro, Portugal — a five bedroom, four bathroom villa.
In Faro, Portugal you can get a five bedroom, 5,651 square foot villa and save £22,928 compared to a mere 385 square foot flat in central London.
1. Cape Town, South Africa — a seven bedroom, seven bathroom detached house with a pool.
Cape Town, South Africa offers the best property equivalent for the London price overall. A seven bedroom detached house here, complete with seven bathrooms, two garages, and a pool, is £4,030 cheaper and over six times the size of a one-bedroom flat in central London.
It also has the lowest weekly food costs of all destinations.