Hong Kong is the world’s most unaffordable place in the world to buy property, according to the latest report by American research firm Demographia in a global survey on housing affordability, which has been picked up by international media. We have come top place in the survey for having the most unaffordable homes in the world for four years in a row now, and that’s not something we should be proud of!
Hong Kong has the most expensive home prices by far, with the average home costing us 14.9 times the gross annual median household income. This means that you can pay off your mortgage if you put your entire annual income (without deducting any expenses) into it for 14.9 consecutive years. That’s scary.
Even second-place Vancouver has home prices one-third less than ours, which is 10.3 times income. Compared to Australia, or even our neighbouring Singapore, home prices are only 5.5 times gross annual income.
Source: Apple Daily
Photo: See-ming Lee
