According to Demographia’s 2022 Housing Affordability Report, the number of housing markets around the world deemed “severely unaffordable” increased by 60% compared to 2019 (prior to the pandemic).
Hong Kong is often cited as one of the world's most expensive real estate markets. In 2023, the price per square meter reached a staggering $25,000. This makes homeownership nearly unfeasible for the average citizen. The city's limited land area, coupled with high demand and foreign investments, has propelled prices to dizzying heights.
Singapore's real estate prices are no less daunting. The average cost of a private residential unit hovers around $1.5 million, putting it out of reach for many locals. Despite governmental interventions to temper prices, the demand continues to outpace supply. A recent study highlighted that about 80% of Singaporeans reside in government-subsidized public housing. However, even these units aren't cheap, with prices steadily climbing over the past decade. The island's limited land availability and burgeoning population render homeownership a distant dream for many.
Switzerland, though known for its high quality of life, its real estate market is not for the faint of heart. In cities like Zurich and Geneva, home prices can exceed $1 million. The allure of the Swiss property market attracts foreign buyers, further inflating prices. The Swiss National Bank reported a 30% surge in housing prices over the last five years, complicating entry for locals. Moreover, strict regulations on property purchases for non-residents add another layer of difficulty for prospective buyers.
