14th Annual Demographia International Housing Affordability Survey: 2018 revealed ten most expensive cities in the world after analysing 293 metropolitan housing markets in nine countries – Australia, Canada, Hong Kong, Ireland, Japan, NewZealand, Singapore, the UK, and the US.
A statement released by ‘Demographia’ states that a total of 92 major metropolitan markets (housing markets) --- with more than 1,000,000 population --- are included, including five megacities, which are defined as having more than 10,000,000 residents (Tokyo-Yokohama, New York, Osaka-Kobe-Kyoto, Los Angeles, and London).
Two Australian cities featured in the list of top 10. Sydney is ranked as the second most expensive city after Hong Kong. Melbourne is at number five.
The study found 26 ‘severely unaffordable” housing markets, topped by Hong Kong.
Overall, the primary housing markets of China, New Zealand and Australia are three topmost "severely unaffordable".
The statement reads, “There are ten affordable major housing markets, all in the United States. Rochester is the most affordable, with a Median Multiple of 2.5, followed by Cincinnati and Cleveland (2.7), Oklahoma City, Pittsburgh and Buffalo (2.8), St. Louis and Detroit (2.9) as well as Indianapolis and Grand Rapids (3.0).”
Here is the list of the most expensive cities:
1. HongKong, China
2. Sydney, Australia
3. Vancouver, Canada
4. San Jose, US
5. Melbourne, Australia
6. Los Angeles, US
7. Honolulu, US
8. San Francisco, US
9. Auckland, New Zealand
10. London, UK
