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November 27, 2024 | 09:33 am
TEMPO.CO, Jakarta - As more countries suffer from economic losses, it has become universally difficult to afford a decent life, with average house prices, grocery costs, and other basic necessities skyrocketing annually in recent years. Many people began to adapt to a new hustle culture which was originally coined to refer to individuals working multiple jobs to pay their bills.
Income taxes, housing availability, and healthcare systems are among the mounting challenges faced by people of all backgrounds. If you are considering moving out of your home country, here are data on average house prices worldwide, gathered from various sources.
Average House Prices Around the World
In today’s dynamic real estate market, several key factors affect house prices, all of which are influenced by supply and demand. Investopedia shares that location, property sizes, housing policies, interest rates, economic conditions, and government subsidies are the primary elements that drive the real estate market.
Read on to discover the list of the most expensive countries and cheapest countries to buy a property below, as highlighted by Finder.
5 Most Expensive Countries to Buy Property
Hong Kong - US$1,649,99
Singapore - US$1,249,548
Switzerland - US$968,650
South Korea - US$680,179
Luxembourg - US$641,149
With one mansion selling for $446 million in 2018, Hong Kong is a prime example of the challenges of homeownership for its citizens. Driven by interest rates, land scarcity, and an economic boom, Hong Kong's housing market has been anything but affordable in recent decades. Even so, the country is experiencing a decline in property prices, with high interest rates and the removal of property curbs being the sole reasons, as per Business Insider and CBRE.
Singapore has been named the world’s most expensive city to live in for the past ten years by the Economist Intelligence Unit (EUI). Rental prices in Singapore are notably expensive, primarily because the country faces land scarcity challenges. With over 5.4 million people residing in the island state, it’s fairly difficult to seal a great deal on living space.
5 Cheapest Countries to Buy Property
Cuba - US$22,671
Venezuela - US$32,747
Pakistan - US$36,525
Egypt - US$36,525
Libya - US$42,822
Costing around US$22,671, Finder ranked Cuba as the cheapest country to get a property. However, Statista mentioned that the country’s real estate market has been experiencing robust development recently, mainly due to the growing demand for residential properties. While owning property in Cuba is a fairly arduous process, the tropical land continues to draw more investors and foreigners.
According to Numbeo, property affordability in Venezuela is reflected through the nation’s housing market, where individuals can buy an apartment in the city center for US$619,27 per square meter and an even cheaper price at US$616 for apartment ownership outside of the city.
10 Most Expensive Cities to Buy a Property
Hong Kong, Hong Kong - US$1,649,562
Zurich, Switzerland - US$1,488,383
Singapore - US$1,249,161
Seoul, South Korea - US$1,153,459
Geneva, Switzerland - US$1,127,015
New York, United States - US$1,115, 660
London, United Kingdom - US$1,086,696
Lausanne, Switzerland - US$1,048,920
Tel Aviv-Yafo, Israel - US$1,030,045
Shanghai, China - US$929,307
The wide landscapes of average house prices around the world highlight the broader economic and societal challenges faced globally. While housing remains a fundamental need, navigating this complex landscape requires careful planning, adaptability, and a keen eye on global trends.
Editor's Choice: 10 Cheapest Places to Live in the World, Is it Affordable?
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