Hong Kong is’the most expensive city in the world’… 11th year 1st place

Hong Kong was surveyed as the world’s most expensive city for 11 consecutive years.

According to Bloomberg News on the 23rd, the US think tank’Urban Reform Institute’ and Canada’s’Public Policy Frontier Center’ reported in a recent jointly published report that Hong Kong surpassed Vancouver, Australia, Sydney, and Auckland, New Zealand, as the world’s most expensive city last year. Announced that it was on

A survey of the ability to buy homes in 92 metropolitan cities around the world by dividing the average home price by the annual median income per household showed that last year’s median real estate value in Hong Kong was 20.7 times the median household income. Although it fell slightly compared to the previous year (20.8 times), there was no change in the ranking due to the wide gap with the second and third place cities.

The median real estate value in Vancouver, which ranked second, is 13 times the median household income, greater than 11.9 times in 2019. ▶ Sydney was 11.8 times ▶ Auckland 10.0 times ▶ Toronto, Canada 9.9 times ▶ Melbourne, Australia 9.7 times ▶ San Jose, USA 9.6 times ▶ San Francisco, USA 9.6 times ▶ Honolulu, USA 9.1 times ▶ London, England 8.6 times ▶ San Diego, USA 8.0 times.

The report evaluates the case where the median real estate value compared to the median household income is ‘3 times or less’ as an appropriate level. However, only 4 out of 92 cities had a median real estate value of less than 3 times the median household income. All American cities are Pittsburgh, Rochester, Buffalo and St. Louis.

According to the report, the top 10 cities reported that household income declined due to the pandemic of the novel coronavirus infection (Corona 19) last year, but the burden of house prices increased compared to the previous year. The report explained, “In the midst of the Corona 19 pandemic, new buyers, mainly suburban buyers, began to purchase urban real estate, leading to an increase in house prices.”

The survey was conducted in 92 large cities in 8 countries including the United States, Canada, Australia, England, Ireland, New Zealand, Singapore, and Hong Kong, and is based on data from the third quarter of last year.

Meanwhile, in Hong Kong, on the 16th, a 314m2 (approximately 95 pyeong) apartment was sold for HK$459 million (about 65.3 billion won), breaking the highest apartment price ever. It was sold for 200 million won per square meter and 680 million won per pyeong.

Reporter Dayoung Kim [email protected]