According to an international property purchase study, Hong Kong is currently at the top of the list of metropolises where it is the most difficult for people to buy properties with their average annual earnings.
The USA based international research and consultancy firm Demographia has published its annual real estate report, comprised of 367 cities in 9 countries. According to the report, Hong Kong holds the title of being the city where buying a property is the most expensive.
Cost is 5,5 million dollars in Hong Kong
The average individual annual earnings in Hong Kong are 293 thousand dollars, but the average price of an apartment is 19 times this – that is 5 million 561 thousand dollars.
Annual income – average apartment cost ratio in Istanbul: 16.1
Istanbul, which is among the numbered metropolises of the world, is not far behind Hong Kong in terms of the cost of buying a property. The cost of a citizen buying a 100 square meter property in Istanbul is 16.1 times their average annual earnings of 6 thousand 317 dollars (19 thousand and 62 TL), according to TUIK data. Based on the square meter costs of construction, the average cost of a 100 square meter apartment in Istanbul is being estimated as 102 thousand dollars.