The infographic below shows the number of years it would take an average skilled worker to work and spend his entire income to afford a 60m2 apartment near the city center in some major cities around the world.
Data is taken from the UBS Global Real Estate Bubble Index 2024 report.
Accordingly, in Hong Kong, the city with the most expensive housing prices in the world for 14 consecutive years, workers need up to 22 years to afford an apartment. Currently, a 60m2 apartment near the center of Hong Kong costs an average of more than 27,820 USD/m2.
That’s significantly higher than in New York, where a similar apartment costs between $16,300 and $21,700 per square foot. While real home prices in Hong Kong have fallen to a 12-year low, home ownership remains out of reach for most residents.
Meanwhile, Paris is the most expensive place in Europe, although real prices have fallen more than 20% since their peak in the post-COVID-19 pandemic. It takes an average skilled worker 13 years to buy a 60-square-meter apartment near the center of Paris, followed by London at 12 years.
In New York, the average selling price of a 60m2 apartment or townhouse in Manhattan will be nearly $1.2 million by the end of 2023, up about 40% from 10 years ago. New York is the most expensive city in the US, with workers needing about 8 years of work and no spending to afford an apartment near the city center.
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