The price of the average London flat has almost reached £400k. So what can overseas property investors purchase in the major cities of the world with the average London flat cost of £399,011.
UK estate agent Springbok properties has compared what can be bought by UK overseas property investors for the price of a London flat.
An equivalent $485,957 would be enough to purchase a one-bed apartment in a historic-style building on Park Avenue in New York – complete with concierge and amenities.
Alternatively, buyers could afford a one-bed apartment in downtown Los Angeles with a roof terrace and city views for the same price.
Buyers seeking a property with more of a family feel will see their money well spent in Dubai, where their London flat cost of £399,011 – or AED 1,785,634 – will afford them a four-bedroom villa in the Jumeirah Village Triangle.
Elsewhere in the Middle East, one could look to Qatar’s capital Doha, where the cost of a London flat equates to a one-bed luxury apartment in a beachfront tower, with a marina view, gym access, a shared pool and parking.
An equivalent 52,788,557 Japanese Yen would buy you a three-bed townhouse in Tokyo, whereas China and Singapore provide more modern options.
Exchanging the London flat cost of £399,011 for Hong Kong dollars would be enough for a waterside studio apartment, the equivalent in Yuan would get you a one-bed apartment in a Shanghai high-rise block, and the same cost in Singapore dollars could buy a one-bed apartment in a premium location with a communal pool and gardens, as well as amenities.
For 33,450,555 rupees, buyers could afford a modern, art deco-style apartment with good transport links in New Delhi, while the equivalent in Turkish Lira would be enough for a luxury three-bed apartment in Istanbul’s city centre.
Closer to home there are European options in France and Italy, with Paris playing host to a historic-style one-bed apartment for the same price as a London flat (€436,001), while Rome offers a two-bed apartment with roof terrace views of the elegant, historic Prati-Clodio district.
Buyers seeking such a three-bed property could also look to Cape Town in South Africa, where the equivalent of £399, 011 would buy a suburban house with a private patio and garden plus private parking.
A modern two-bed apartment in a high-rise block in Moscow would be another option for buyers, as would a one-bed apartment with outdoor space and a communal pool in Sydney, Australia.
Shepherd Ncube, Founder and CEO of Springbok Properties, commented: ‘We all know London is expensive but for the same price as a flat in the capital buyers could afford all sorts of different properties worldwide and most of them will leave you questioning why you live in the UK full stop, let alone London.
‘Townhouses, suburban homes and luxury apartments with all different kinds of amenities are available for the same price, and – in some cases – buyers may find the added benefit of a more appealing climate!