When we hear the phrase "world's most expensive cities", often times it's New York, Seoul, and London that comes into our mind as a place, not affordable to live in.
This 2017 Forbes.com released the top 5 most expensive cities worldwide, and top four of this is in Asia. Surprisingly, New York and Seoul in South Korea is not on the list, while London landed on number 5.
Here are five most expensive real estate markets in the world
5. London in England
After a decade of growth, property prices in London are severely unaffordable to most residents. According to Forbes, since 2013, London's property prices have increased at a double-digit rate every year. Average home prices in the city have gone from £257,000 (P13,615,704.39) in 2006 to £474,000 (25,112,232.99) in 2016, an 84% increase.
4. Shanghai in China
With as much as 40% increased in real estate last year and 5% in a single month of August in 2016, Shanghai's become one of the China's hottest property markets.
Housing prices continue to increase and said it is because of the weak domestic stock market in 2015, many investors poured into the property sector, seeing it as one of the few options left for favorable returns.
In October, more than 20 Chinese cities, including Shanghai, introduced new measures to cool the housing market by implementing purchase limits and tightening mortgage restrictions.
3. Beijing in China
The most expensive housing market in mainland China, the average home price in Beijing is now $5,820 per square meter, according to the Municipal Commission of Housing and Urban-Rural Development. In September, average home prices in Beijing rose nearly 30% year on year. By comparison, prices in China's major cities rose about 11%.
2. Mumbai in India
Located on a narrow peninsula, Mumbai is now home to some of the world's most expensive real estate. As Quartz notes, Mumbai's house price-to-monthly income ratio "is the highest among major Indian cities." And as the country accumulates wealth, developers have been struggling to find building sites in the crowded city where millions still live in densely packed slums.
1. Hong Kong
For the seventh year in a row, Hong Kong is still holding to its rank as the most expensive housing market in the world. According to the annual report from Demographia, the median home price in Hong Kong was 18.1 times the median annual pretax household income in 2016.
The city's housing prices have skyrocketed in recent years, driven by low-interest rates and mainland Chinese buyers. Lack of affordable housing has become a top social issue as the city's poor crowd into "cage homes" and dangerous, subdivided apartments.
Because of this Hong Kong still, ranks as "severely unaffordable" country in the world.
According to Oxford Economics, to buy a 970-square-foot apartment in Hong Kong, Mumbai, Beijing or Shanghai it would take more than 30 years of a household with a median income to have one.
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