Hong Kong and Mumbai Have the Most Unaffordable Housing
The 4 major cities with the world’s most unaffordable housing are all now in Asia. A price to income ratio study from Oxford Economics has shown that house prices in Hong Kong, Mumbai, Beijing and Shanghai have overtaken London, relative to the median income of each city’s inhabitants. This means it now takes more than 30 years for an average income earner to buy a 90 square meter apartment.
“This means it now takes more than 30 years for an average income earner to buy a 90 square meter apartment. “
Rental yield in Mumbai, Beijing, Shanghai and Delhi are extremely low which indicates that valuations are very stretched. In these cities, the rental yield was lower than the 10 year government bond yields in 2016.
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