https://www.forbes.com/sites/ellensh...-in-the-world/
https://www.forbes.com/sites/ellensh...-in-the-world/
The Five Most Expensive Cities In The World
To buy a 970-square-foot apartment in
Hong Kong, Mumbai, Beijing or Shanghai would take more than 30 years for a household with a median income, according to a recent report by Oxford Economics which looked at price-to-income ratios around the globe.
Here are five most expensive real estate markets in the world--only one of which isn't in Asia.
5. London
London's property prices are severely unaffordable to most residents after decades of growth. Since 2013, London's property prices have increased at a double-digit rate every year. Average home prices in the city have gone from £257,000 in 2006 to £474,000 in 2016, an 84% increase.
4. Shanghai
One of China's hottest property markets, Shanghai's real estate prices rose as much as 40% last year and were up 5% a single month last August. Housing prices have been difficult to clamp down on. Spooked by a weak domestic stock market in 2015, many investors poured into the property sector, seeing it as one of the few options left for favorable returns.
3. Beijing
The most expensive housing market in mainland China, the average home price in Beijing is now
$5,820 per square meter, according to the Municipal Commission of Housing and Urban-Rural Development. In September, average home prices in Beijing rose nearly 30% year on year. By comparison, prices in China's major cities rose about 11%.
2. Mumbai
Located on a narrow peninsula, Mumbai is now home to some of the world's most expensive real estate. As
Quartz notes, Mumbai's house price-to-monthly income ratio "is the highest among major Indian cities." And as the country accumulates wealth, developers have been struggling to find building sites in the crowded city where millions still live in densely-packed slum
1. Hong Kong
Holding on to its rank as the most expensive housing market in the world for the seventh year in a row is Hong Kong. The median home price was 18.1 times the median annual pretax household income last year, according to a recent annual report from Demographia. Though a small improvement from the year before when home prices were 19 median household income, Hong Kong still ranks as "severely unaffordable" the report said.
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