World's most Expensive City List favors Asia
Jan 26th, 2016
Hong Kong tops world’s most unaffordable housing market list in 2015, followed by Sydney, Vancouver, Melbourne and Auckland, according to research institute Demographia’s study. Hong Kong’s median house price HKD 5.56million (USD 715,000) is 19 times over its resident’s median annual household income HKD 269,000 (USD 34,575).
The 12th annual Demographia International housing affordability survey ten countries in the world, It provided housing affordability ratings on 87 major markets (over 1,000,000 population) and an overall total of 378 markets. Markets in 9 nations are rated. Housing affordability ratings are assigned using the Median Multiple.
For the third year in a row, the United States had the most affordable housing among major metropolitan markets, with a moderately unaffordable Median Multiple of 3.7. Japan had an Average Multiple of 3.9. Canada (4.2) Ireland (4.5), the United Kingdom (4.6), and Singapore (5.0) had seriously unaffordable housing. Three national markets were severely unaffordable, with Median Multiples of 5.1 or above, which included Hong Kong SAR with a median multiple of 19.0, New Zealand, at 9.7 and Australia at 6.4.