Priorities have shifted significantly since Covid-19 hit. And since remote working is now par for the course, expats are eager to maximise their home space.
Further down we explore what GBP 250,000 will get you in different parts of the world.
The Covid effect
The global pandemic has had a profound effect on how people work and, as a consequence, how they want to live. Remote working has caused a major shift in global mobility as it's made it possible for expats to work from anywhere on Earth, many of whom are jumping at the opportunity to get more bang for their buck in parts of the world where they can afford bigger homes to accommodate a comfortable work-from-home lifestyle.
Global property consultancy group Knight Frank highlights this fact in their latest report: 'The COVID-19 pandemic, subsequent lockdowns and closed state and international borders have given people time to reflect on their lifestyles. Demands on the home are expanding, reflecting changes in the way they live and use their space. As a consequence, more and more people are seeking detached family homes and favouring waterfront and rural homes in particular. Large gardens and outdoor space are now more of a priority, with the lockdown period emphasising the connection between wellbeing and the great outdoors.'
The report also shows that, while prime residential prices performed better than expected in 2020 despite the effects of Covid, growing by about 1.9 percent globally, areas such as Buenos Aires (-12 percent) and Cape Town (-9.2 percent) saw large drops in their prime residency value. This has spurred locals and expats alike into snapping up properties in these and other regions where real-estate value has decreased, and where their currency might stretch further.
At the other end of the spectrum Monaco and Hong Kong are still the world’s most expensive residential markets – positions they have held for the past decade, while London retains its third spot, and New York remains in fourth. Auckland, meanwhile, leads the index with average prices ending the year 18 percent higher, primarily as a result of New Zealand’s excellent handling of the pandemic, huge demand, and low mortgage rates.
Take a look at what kind of home GBP 250,000 might buy you in popular expat hotspots around the world.
Cape Town, South Africa
Three-bedroom, three-bathroom house in Rondebosch ZAR 4.9 million (GBP 246,730)
Four-bedroom, three-bathroom house in Harfield Village ZAR 4.5 millon (GBP 226,480)
Johannesburg, South Africa
Three-bedroom, two-bathroom house in Parkhurst ZAR 4.75 million (GBP 238,950)
Four-bedroom, four-bathroom house in Parkhurst ZAR 4.8 million (GBP 241,327)
Auckland, New Zealand
Two-bedroom, one-bathroom apartment in Hobson Street NZD 489,000 (GBP 252,890)
Two-bedroom, two-bathroom apartment in Adelaide Terrace AUD 470, 000 (GBP 262,500)
One-bedroom, one bathroom in King West CAD 429,900 (GBP 248,530)
Brooklyn, New York, USA
Two-bedroom, one-bathroom apartment in East 58th Street USD 315,000 (GBP 228,950)
One-bedroom, one-bathroom apartment in 79th Street USD 339,000 (GBP 246,368)
Two-bedroom, two-bathroom apartment in Dagenham GBP 250,000
Two-bedroom, two-bathroom apartment in Romford GBP 250,000