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April 20, 2010

And you thought Vancouver was an expensive city to live in?! Check out Hong Kong!

Hong Kong real estate ranked the least affordable of the world’s major cities, according to a published report Tuesday.

If buying property in the city, expect to pay more than ten times the annual income to purchase a residential suite. This is the highest of 272 cities surveyed in an international comparison conducted by a U.S. consultancy firm commissioned by the South China Morning Post and and Hong Kong government officials.

The survey found Hong Kong edged out Vancouver and Sydney for top spot in terms of the number of years of median household income it took to buy an apartment in 2009.

According to the South China Morning Post:

The survey found Hong Kong people pay more than 10 times their annual income to buy a flat, the most of 272 metropolitan cities and earning it a “severely unaffordable” rating along with London, Sydney and New York.

This was backed up by Hong Kong government statistics which showed buyers paid 8.5 times their annual income for an average-sized flat in the last quarter of last year – up from 7.6 times in the second quarter, an increase of almost a year’s income in six months.

Yikes!

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