The cost of living is made up of lots of life’s essentials.
The food that we eat, transports and the energy we use to heat up and the electricity to light up our homes.
In those cities where housing costs have increased the most, it is also likely there will be a shortage of housing – particularly when it comes to the availability of affordable homes for middle- and lower-income people.
If you’re looking to save money on housing, you probably shouldn’t live in those cities…
Hong Kong has been ranked as the world’s least affordable housing market for a ninth consecutive year in a global survey.
Low supply and high demand, tax-friendly economy, land development, and developers are all factors contributing to the high cost of real estate in Hong Kong.
Hong Kong is the world’s most expensive place to buy a property. Being an island, there are clear constraints on building more homes. The price of houses in Hong Kong is no joke.
The price for real estate in Hong Kong is currently estimated at 106,800 per square meter. The 120-meter apartment in the city is rented for over RM30,000 a month.
Demographia International Housing Affordability Study categorised Hong Kong as “severely unaffordable”. The study said a family would on average need to save up for 21 years without spending a single dollar to afford a home in the city.
As the capital of England, London is definitely a great place to live. it is home to a major tourist attraction in the United Kingdom and many of the world’s leading corporate headquarters in the city.
These are just two of the factors that draw people to the city of London and raise the price. the price per square meter for real estate in London is about RM144,400
Although the demand for real estate in London is very high, there are a large number of vacant homes and apartments throughout the year. Most of the rich and well-known people like to have a base in the capital city but do not use it as their full-time residence.
New York, USA
New York is a great city with amazing shopping areas, high employment rates and plenty of leisure activities.
In short, it is an ideal place for many to crave.
Due to the high demand, real estate in new york is priced at a premium
it has pushed prices to jump to RM71,880 per square meter. The monthly rent on a three-bed, downtown apartment is likely to set you back by at least $6,300 and $5,700 respectively.
You can expect to pay around RM68,250 per square meter if you want to buy real estate in the Japanese capital.
One of the easiest explanations for the high cost of living in Tokyo is simply because they have limited land and the city is very populated. However, there are many other factors that come into play. There is a certain ‘snob’ element of wanting to live in the capital over other areas of the country.
Some reports suggest that cartels, corruption, and blackmail have also played a role in the Tokyo real estate market.
Over the past six years, property prices have increased in Vienna by about 39%.
Similarly, the cost of renting property also increased by about 21%.
There is not enough property to meet demand and this is the main cause of the high price increase in the city.
Property in Vienna is now priced at RM62,500 per square meter on average, the 9th most expensive in the world.
Paris is the most expensive place to live in France and it is the 10th most expensive place to live in the world.
Inflation in the real estate market in Paris saw a 4.4% rise in just a year.
A square meter of property in Paris is worth RM59,000.
This neighborhood is the most expensive place to buy a home but it is still possible for you to buy a lower-priced property in the suburbs.
15th December 2020 14:33