How many years of work does it take to buy a 60m2 apartment in a major city in the world?

The infographic below shows the number of years it would take an average skilled worker to work and spend his entire income to afford a 60m2 apartment near the city center in some major cities around the world .

Data is taken from the UBS Global Real Estate Bubble Index 2024 report.

How many years of work does it take to buy a 60m2 apartment in a major city in the world? - 1

Accordingly, in Hong Kong, the city with the most expensive housing prices in the world for 14 consecutive years, workers need up to 22 years to afford an apartment. Currently, a 60m2 apartment near the center of Hong Kong costs an average of more than 27,820 USD/m2.

That’s significantly higher than in New York, where a similar apartment costs between $16,300 and $21,700 per square foot. While real home prices in Hong Kong have fallen to a 12-year low, home ownership remains out of reach for most residents.

Meanwhile, Paris is the most expensive place in Europe, although real prices have fallen more than 20% since their peak in the post-COVID-19 pandemic. It takes an average skilled worker 13 years to buy a 60-square-meter apartment near the center of Paris, followed by London at 12 years.

In New York, the average selling price of a 60m2 apartment or townhouse in Manhattan will be nearly $1.2 million by the end of 2023, up about 40% from 10 years ago. New York is the most expensive city in the US, with workers needing about 8 years of work and no spending to afford an apartment near the city center.

(Source: VnEconomy)

Link: https://vneconomy.vn/mat-bao-nhieu-nam-lam-viec-de-du-tien-mua-can-ho-60m2-tai-cac-thanh-pho-lon-tren-the-gioi.htm

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