20.06.2024
Buying a home around the world is becoming an increasingly expensive task, with some of the so-called “most expensive cities” on the planet now considered unaffordable.
According to CNN, the top ten most expensive cities for purchasing residential property included five American cities, as well as three cities located in Australia.
However, the top spot is Hong Kong, which as an international financial center with a huge population is known for its tiny houses measuring just a few square meters and unimaginable rent levels.
More specifically, the top ten most expensive cities with almost unattainable prices in the residential real estate market, based on local wages, are as follows:
- Hong Kong
- Sydney
- Vancouver
- San Jose
- Los Angeles
- Honolulu
- Melbourne
- San Francisco and Adelaide
- San Diego
- Toronto
Tellingly, Hong Kong always tops lists of the most expensive cities to live in, while in this particular survey it also has the lowest percentage of owner-occupiers (just 51%) of the 93 areas surveyed.
In comparison, the home ownership rate in Singapore, which is also among the most expensive cities, is over 89%, thanks to the government’s commitment to creating social housing properties for citizens.
The rise of remote working during the pandemic has caused a demand shock for homes outside urban centers, which typically offer more outdoor space.
At the same time, the study attributes rising prices to land-use policies such as curbing urban sprawl, as well as the fact that investors have flocked to the property market to make a profit.
