Other expensive housing markets include Vancouver and Sydney.
According to a recent study by Demographia which covered 309 metropolitan markets across eight countries, Hong Kong has been ranked the world’s least-affordable housing market for a ninth straight year. The city’s median property price climbed to 20.9 times median household income in 2018, making housing virtually unaffordable for most residents.
The second less-affordable city has been named Vancouver, followed by Sydney and Melbourne in Australia. Toronto was ranked the second Canadian less-affordable housing market. The most expensive cities in the USA are San Jose, Los Angeles and San Francisco. In Europe, the most unaffordable housing market is in London.
Now that the most expensive property markets are experiencing a global downturn, buyers can find it easier to purchase a house or an apartment. Sydney’s real estate slump, for example, is worst since the 1980s.
In general, twenty-nine major housing markets analysed in the study were recognised as severely unaffordable.
Image: Hong Kong / farfar
