Hong Kong tops least affordable housing
A survey looking at major property markets around the world concludes that the least affordable housing is located within Hong Kong.
Property prices in this financial district are sky high and account for more than eleven times the city's average salary. Real estate prices have increased by 50 per cent in the last two years due to a combination of low interest rates, a stong economy and a surge of wealthy investors from mainland China. In an effort to prevent a property bubble the government is introducing various measures including new stamp duty levels and boosting land supplies.
Property prices covering more than 320 cities throughout Australia, Canada, Hong Kong, Ireland, New Zealand, the UK and America were examined to determine affordability.
Property in Sydney is the second least affordable city followed by Vancouver and Melbourne respectively. The US and Canada had the most affordable homes overall.