Hong Kong is rated the top one as the Most difficult to be afforded for Housing purchase with an average of 11.4 years of family income.
With an average figure of middle range of flat costs HKD$2.58M with a normalized moderate family income of $225,500 a year. 2nd ranked City on the list is Sydney wtih 9.6 times followed by Vancouver with 9.5 times. A Survey performed by Demographia International Housing Affordability Survey today.
We see a trend that the traditional Expensive house was on the Peak, has shifted to those few tall sky scrapers in Tsim Sha Tsui , reason is that we can watch very best part of the Night view of Hong Kong Island and Victoria harbour. People from China are fond of buying those houses in that district. Luxury homes in Hong Kong are defined as those costing at least HK$10 million or bigger than 1,000 square feet (93 square meters).
This is the major concern for most of the people, younger couple going to get married, or one that would go pursuit of buying a house. They have to struggle saving up money for the first installment for a flat in Hong Kong. With the average salary of an university Graduate is about HKD$15,000. They might have to keep saving money for 5 years in order to pay for the first installment. Of course this is an average figure as when time goes by, he gets promotion and salary adjustment. But on the other hand, the housing price keeps going up higher unless the Government is determined to do something to cool down the market. I hope!
Attached is the Arch which was the most expesnive home in Asia last year.