Monday, January 23, 2017
The 10 most expensive cities to live in around the world in 2017
LONDON — The most expensive cities to live in around the world in 2017 have been revealed in the 13th Annual Demographia International Housing Affordability Survey: 2017.
The study analysed 406 metropolitan housing markets in nine countries — Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, United Kingdom, and the United States — in the third quarter of 2016.
Using the "mean multiple" approach — the median house price divided by the median household income — the data shows that the most "severely unaffordable major housing markets" are in Australia, New Zealand, Chia, Canada, the United Kingdom, and the United States.
Oliver Hartwich, executive director of the think tank behind the research, The New Zealand Initiative, said: "The number of severely unaffordable major housing markets rose from 26 to 29. We need to tackle housing affordability urgently because the effects of unaffordable housing on society are becoming more visible by the day... We should not accept extreme price levels in our housing markets. High house prices are not a sign of city's success but a sign of failure to deliver the housing that its citizens need."
Scroll down to see the 10 most expensive cities to live in around the world in 2017.