{"id":41873,"date":"2017-01-25T17:46:50","date_gmt":"2017-01-25T10:46:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-has-been-the-worlds-least-affordable-city-for-seven-years-in-a-row\/"},"modified":"2017-01-25T17:57:44","modified_gmt":"2017-01-25T10:57:44","slug":"this-has-been-the-worlds-least-affordable-city-for-seven-years-in-a-row","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/this-has-been-the-worlds-least-affordable-city-for-seven-years-in-a-row\/","title":{"rendered":"This has been the world\u2019s least affordable city for seven years in a row"},"content":{"rendered":"


\nA slightly less expensive encore after a record 2015
\nHong Kong SAR at night. cozyta\/Shutterstock
\nHong Kong has topped the 13th edition of Demographia\u2019s annual housing affordability survey, marking seven consecutive years of unbeatable home price to income ratios.
\nIt received a \u201cseverely unaffordable\u201d mark from the research house for homes that were priced 18.1 times the gross annual median income as of Q3 2016.
\nThis is a slight improvement from the 2015 index in which Hong Kong homes had been valued 19 times the median income, the worst ever record for housing affordability on the survey.
\nStill, Hong Kong\u2019s median multiple \u201crepresents a substantial deterioration in its housing affordability,\u201d the researchers noted. The findings also lend credence to a recent study by Oxford Economics that ranked Hong Kong, alongside Mumbai, Beijing and Shanghai, as having the world\u2019s highest house price to income ratios.
\nHong Kong is the only Chinese city to rank in the top 10 of the survey, which covers\u00a0406 housing markets worldwide. The city\u2019s exorbitant prices have been driven by \u201crestrictive land-use regulation,\u201d the report stated.
\nHong Kong\u2019s recent introduction of additional stamp duties on foreign and second-time home buyers have shown\u00a0mixed results so far.
\nMore: Hong Kong\u2019s loss in overseas buyers may be Singapore\u2019s gain
\nOutside the top 10, Singapore and Tokyo have both been rated \u201cseriously unaffordable,\u201d with median multiples of 4.8 and 4.7, respectively. However, the study praised the city-state for its \u201clong-standing public commitment\u201d to reining in the risk of overheating home values.
\nSydney trailed Hong Kong with housing values at 12.2 times the median income. Vancouver followed the Australian metropolis at third place with a median multiple of 11.8 \u2014 a housing affordability crisis that the British Columbia government confronted last year with controversial new levies on foreign buyers.
\nAuckland was a close fourth. With homes priced 10 times the median income, the Kiwi market has seen a flurry of speculators aggressively flipping homes over the\u00a0past year.
\nIn an introduction to the Demographia report, Oliver Hartwich of The New Zealand Initiative urged denizens not to tolerate extreme price levels in the housing market. \u201cHigh house prices are not a sign of city\u2019s success but a sign of failure to deliver the housing that its citizens need,\u201d he said.
\nA full list of the 10 cities with the worst housing affordability according to Demographia:
\n1. Hong Kong
\n2. Sydney
\n3. Vancouver
\n4. Auckland
\n5. San Jose, US
\n6. Melbourne
\n7. Honolulu
\n8. Los Angeles
\n9. San Francisco
\n10. Bournemouth & Dorset, UK
\nRead next: Hong Kong\u2019s newest expat neighborhood keeps on getting cooler
\n
\nSource : property-report.com
\nRead more…This has been the world\u2019s least affordable city for seven years in a row<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A slightly less expensive encore after a record 2015 Hong Kong SAR at night. cozyta\/Shutterstock...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-41873","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-aTn","jetpack-related-posts":[{"id":103224,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-housing-prices-seriously-unaffordable-survey\/","url_meta":{"origin":41873,"position":0},"title":"Singapore housing prices seriously unaffordable: survey","date":"January 23, 2019","format":false,"excerpt":"\r The survey results showed that the median house price is 4.6 times the median household income. House prices in Singapore are considered \u201cseriously unaffordable\u201d, with a median multiple of 4.6, which means that the median house price is 4.6 times the city-state\u2019s median household income, according to an annual\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41578,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-the-worlds-priciest-home-market-for-the-seventh-year\/","url_meta":{"origin":41873,"position":1},"title":"Hong Kong the world\u2019s priciest home market for the seventh year","date":"January 23, 2017","format":false,"excerpt":"\r Hong Kong kept its ranking as the world\u2019s least affordable urban centre to buy a home for the seventh year running, in a survey that\u2019s likely to throw a perennial problem back into focus during an election year for the city\u2019s chief executive. 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Of 10 major metropolitan markets assessed in the housing affordability survey,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41658,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-prices-in-singapore-now-more-affordable-according-to-study\/","url_meta":{"origin":41873,"position":4},"title":"Home prices in Singapore now more affordable, according to study","date":"January 24, 2017","format":false,"excerpt":"\r Singapore homes recorded a slight decline in their median price last year, according to the 13th Annual Demographia International Housing Affordability Survey. In 2016, the home price here was 4.8 times the median annual pretax household income. 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