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Moving abroad: What could you buy for the same amount as a London property?
The average house in London now costs over £500,000. What type of properties could you get for the same price around the world?
London is the most expensive region in the UK to purchase a property, but if your job is the only thing keeping you there, you might want to consider moving further out. With a majority of Brits working from home, most companies no longer need their employees to live nearby – or even in the country – at all. On average, London properties have 1,204 square feet of floor space – equal to about 10 normal-sized parking spaces – and they cost £514,000 (£427 per square foot). This is the first time since 1996 that the capital’s property price has reached over £500,000 – but what kinds of properties could the same amount of money buy around the globe? We’ve done the research to compare.
Nestled in the depths of Valencia is a 4-bedroom villa for £499,888. It has a private garden and both an open and roof terrace, with a balcony. There’s a double garage, fit for multiple vehicles, with a swimming pool measuring at 10 by 5 metres too. Alongside four bedrooms, the house comes with three bathrooms – specifically two en-suite bathrooms and one large family-sized bathroom – and two reception rooms. This villa is priced at £14,000 less than the average detached house in London, but has 59,000 square feet more floor space than the average London property. Shockingly, this means that it costs just £8.44 per square foot in this property, which is 51 times less than the average London property, where the cost per square foot is £427.
If you’re after a life in a land with a bit of viking ties, look no further than Munster in Ireland, which was once a Gaelic kingdom from the 1st century BC until 1118. The south Ireland province also has its fair share of castles and other kinds of national monuments.
Situated in this region is a modern-looking 5-bedroom detached house, with a minimum guide price price of £414,411. At just £99,586 less than the average London detached home, this property also has 1,164 square feet more floor space than a detached house in London (2,368 square feet). Our calculations show that this equates to a whopping £175 per square foot – £252 less than the cost per foot in a London property. In this Irish house, buyers would enjoy four bathrooms and two reception rooms, along with a fireplace and a private garden.
Paarl, South Africa
The South African city of Paarl is just 55km away from Cape Town, meaning dwellers would have easy access to the legislative capital of the country. This detached house boasts a whopping 4,124 square feet more than the average London property in square space, at £11,081 less than the average price. This comes up to just £94 per square foot – which is 5 times less than the cost per square foot in London. With this house, buyers would get four bedrooms, two bathrooms, two reception rooms, a double garage and a balcony overlooking the mountains in the distance. Plus, a private pool in the back garden.
Dubai, United Arab Emirates
Those looking to buy a property in Dubai would save £33,997 more than if they opted for a property in London. With 2,508 square feet in floor space and a buying price of just £480,000, this property costs £191.39 per square foot, less than half the cost per square foot in London. This luxurious townhouse is spacious enough to fit four bedrooms and four separate bathrooms, but that’s not all.
The property includes a private swimming pool and pool grotto, with a separate kids’ pool and play area, as well as outdoor hammocks, an estate club house, a park and gated entry into the living estate. The property also comes with a boulevard lined with exotic palm trees and ultra modern interiors.
Ban Thai Beach, Thailand
Living in Thailand would be a breeze in this fully managed, gated villa estate, complemented by full services and facilities. Situated in Ban Thai Beach – a white stretch of sandy shoreline, fringed with coconut palms and blue waters – sits this four-bedroom villa. With the beach being only 300 metres away, it would take just 5 minutes (or a minute-long drive) to walk over to the sandy shoreline and relax in the sun. With a floor space of 3,229 square feet, this property is 3 times the size of the average detached house in London.
Priced at £507,597 (£6,400 less than the average London property), this villa comes up to just £157 per square foot – 4 times less than the cost per foot in a London property. It comes with a six by four metre private swimming pool, as well as an on-site reception, concierge service, kids’ playground, security, buggy service and a beachfront restaurant.
A closer look at London property costs and space
As shown below, the prices of each property are similar, ranging from £414,000 to £514,000. Despite this, there is a vast disparity in floor space available. The villa in Spain displays this difference larger than the rest, as the cost per square feet in floor space is just £8.44. This is due to the fact that the property itself is almost 50 times larger than the average property in London, despite costing £14,000 less.
- ONS data was used to calculate both the average price of a property in London and floor space per property type. Properties around the globe were then found via Zoopla and compared to London properties by amount of amenities, average cost and floor space. To determine cost per square foot, average prices were divided by floor space, then compared to London properties to determine the difference.
- The research was conducted in February 2021.
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From a beach property in Thailand to a 4 bed detached property in Spain, here are 5 properties you could buy for the same cost of a property in London
The average property price in London went past the £500,000 mark in January, with a residential property in the capital now averaging a massive £514,000. With many employees no longer needing to go into the office again due to pandemic, we did some research to find what properties you could buy elsewhere for the cost of an average property in London.
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