GITNUX MARKETDATA REPORT 2024

Statistics About The Most Expensive Housing Markets In The World

The most expensive housing markets in the world typically have high median home prices, low affordability, and strong demand from wealthy buyers and investors.

Last Updated: June 23, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we explore the latest data on the most expensive housing markets in the world. From Hong Kong’s continued reign as the priciest market to Sydney’s eye-watering property prices, we delve into the statistics that shed light on the challenges of affordability in these global cities.

Statistic 1

"Hong Kong has topped the list as the most expensive housing market in the world for 10 consecutive years."

Statistic 2

"In Hong Kong, the median property price is 20.8 times the median annual pretax household income, giving it a rating of “severely unaffordable”."

Statistic 3

"Sydney is the third most expensive housing market in the world."

Statistic 4

"The average price of a house in Sydney is AUD 1.1 million."

Statistic 5

"New Zealand's Auckland is the fourth least affordable market in the world."

Statistic 6

"San Francisco is fifth on the list of the most expensive housing markets in the world."

Statistic 7

"Melbourne is ranked as the sixth most unaffordable housing market in the world."

Statistic 8

"The eighth least affordable housing market in the world is London."

Statistic 9

"The average property price in London is £486,000."

Statistic 10

"Auckland's median house price is NZ$1 million, making it the tenth most expensive housing market."

Statistic 11

"Despite higher wages, San Francisco is still the U.S. city with the highest median rent at $1,805 for a one-bedroom."

Statistic 12

"Honolulu gained the 14th position in the least affordable housing category."

Statistic 13

"Los Angeles is ranked as the 16th most unaffordable housing market worldwide."

In summary, the latest statistics reveal the extreme unaffordability of housing markets in several major cities around the world, with Hong Kong consistently maintaining the top position as the most expensive market for a decade. The ratio of property prices to household incomes in Hong Kong and Sydney indicates severe unaffordability levels, while cities like Auckland, San Francisco, and London also feature prominently as highly expensive markets. The data underscores the challenges faced by individuals and families in accessing affordable housing in these areas, highlighting the urgent need for effective housing policies and solutions to address the widening gap between incomes and property prices.