Hong Kong for the ninth year in a row headed the rating of countries on the high cost of housing

For the ninth time in a row, the Demographia public organization recognized housing in Hong Kong the most expensive in the world. This was written by Kommersant with reference to the fresh annual organization of the organization, including 309 cities in eight countries.

According to analysts, the average cost of housing in Hong Kong is almost 21 times higher than the average annual salary of local residents: the average income of citizens is approximately $ 26 thousand per year, and on average housing costs about $ 530 thousand. The situation did not even correct a noticeable drop in real estate prices in the third quarter of last year.

"Some real estate experts predict a drop in housing prices in the region of 15–25% in 2019. And despite the fact that this is a significant decrease, the housing market in Hong Kong will still remain extremely inaccessible with the huge difference between the prices and income of citizens," the Demographia report said.

The second and third place in the high cost of housing in the ranking was taken by New Zealand and Australia, where the ratio of the average value of real estate and annual income is 6.5 and 5.7, respectively. The most affordable analysts recognized housing in the USA (3.5), Ireland (3.7) and Canada (4.0).

If we talk about the availability of housing in large cities of countries that have fallen into the rating, then the easiest way to purchase residential real estate in American Pittsburgh and Rochester, where the ratio of housing and income price is 2.6. At the same time, despite the relative availability of housing in Canada, Vancouver took the second line in the ranking of the high cost of housing after Hong Kong - real estate prices here are 12.6 times higher than citizens' income. Further, this list is followed by Australian cities of Sydney (11.7) and Melbourne (9.7).

According to Alan Berto, senior researcher at New York University, who became one of the co-authors of the study, housing affordability indicators given in the report presented in the report are an indicator of problems in the housing proposal system.

Recall that in October last year it was reported that Hong Kong for the first time since 2011 headed the rating of cities of the world at the cost of renting real estate for companies. The ten most expensive for renting real estate for cities also included New York, London, Tokyo, Amsterdam, San Francisco, Dubai, Dublin, Paris and Beijing.