Hong Kong is the world’s most expensive city for housing prices for 11 consecutive years.
Bloomberg News reported according to “Urban Reform Research Institute” and Canada’s “Public Policy Frontier Center”. Their recent report shows that Hong Kong beat Vancouver, Sydney, and Oakland last year to become the world’s most expensive city.
Hong Kong’s real estate median last year was 20.7 times the median household income. This is according to a survey of 92 large cities around the world by dividing average housing prices by median annual income per household. It fell slightly compared to the previous year (20.8 times). But the ranking remained unchanged due to the wide gap between the second and third-ranked cities.
The median real estate price in Vancouver, Canada was 13 times the median household income. Ranked second, it was up from 11.9 times in 2019. Next is Sydney, Australia, 11.8 times. Then Oakland 10.0 times.
After 11 years and Hong Kong still the most expensive, least affordable city in the world
The report evaluates to an appropriate level if the median real estate value is “less than three times” than the median household income. However, only four out of 92 cities had a median real estate value of “less than three times” compared to the median household income. All of the cities are Pittsburgh, Rochester, Buffalo, and St. Louis.
The report said cities ranked in the top 10 had a higher burden on housing prices than the previous year as household income fell. While housing prices rose due to the effects of Pandemic last year. The report explained, “In the midst of the Pandemic, new buyers, especially in suburban areas, started to purchase urban real estate, leading to a rise in housing prices.”
The survey was conducted in 92 large cities in eight countries. Including the United States, Canada, Australia, the United Kingdom, Ireland, New Zealand, Singapore and Hong Kong. And it is based on data from the third quarter of last year.
Meanwhile, in Hong Kong, 3,378 square feet (314㎡) apartments were sold for HK$459 million on the 16th. It was breaking the highest price ever. At 136,000 Hong Kong dollars per square foot.
