He housing prices, In some cities in different countries around the world, it has become “unavailable“, according to the annual Demographic International Housing Affordability report.
(More: Would I Live There? These Are the Most Expensive Cities in the World.)
The analysis, which has been tracking prices for 20 years, analyzes the Housing costs in 94 markets in eight countries and compares average incomes with average property prices.
As a result, it was found that the demand for outdoor spaces, the accumulation of investors and restrictive land use policies have caused housing costs in some cities to skyrocket.
“The middle class is besieged primarily by the escalating cost of land. As land has been rationed in an effort to curb urban expansion, the excess demand over supply has driven up prices”says the report.
(See: ‘Top’ 10: the most expensive cities in the world to live in the upper class).
Vancouver closes the top 5. Private file
Among the top 10 places on the list of the most unaffordable places are cities on the West Coast of the United States and the state of Hawaii.Notable among them are San Diego, San Francisco, Los Angeles and San Jose.
Other countries that have more than one city in the ‘top’ 10 are Australia (with Sydney and Melbourne), and Canada (with Vancouver and Toronto). Howeverit is Hong Kong that leads the world ranking: this city is known for small homes with expensive rents.
According to the report, the city located in southeastern China has the lowest ownership rate of all the cities that took part in the survey, at only 51%, compared to another Asian city: Singapore (the country’s capital). of the same name), where home ownership exceeds 89%.
(Read: Are Colombian cities smart? This is the ‘top’ 10 in Latin America).
However, due to the covid pandemic that occurred in 2020, housing prices have dropped in Hong Kong, so it is no longer considered as prohibitive a city as before.
Top 10 most unaffordable cities in the world
1. Hong Kong, China.
2. Sydney, Australia.
3. Vancouver, Canada.
4. San Jose, United States.
5. Los Angeles, United States.
6. Honolulu, United States.
7. Melbourne, Australia.
8. San Francisco, United States.
9. San Diego, United States.
10. Toronto Canada.
(Read: The US city that declared itself in favor of migrants… and receives undocumented immigrants).
If you are thinking of buying a home abroad, the report recommends several alternatives, including Pittsburgh, Rochester and St. Louis in the United States; Edmonton and Calgary in Canada; Perth and Brisbane in Australia; and Lancashire and Glasgow in the United Kingdom.
BRIEFCASE
