A new study found that 63.72% of properties in Budapest are on the market for more than twice the median price of homes in the city — the highest proportion of any global capital.
Some of the key findings are 63.72% of all housing in Budapest, Hungary’s capital, costs more than twice the median price of homes in the city — the highest split of high-cost housing in any global capital. London has the fifth highest concentration of high-cost housing in Europe (27.93%). The Brazilian capital of Brasilia has the highest split of housing that costs less than half the local average (50.13%). Cyprus’s capital, Nicosia, has the lowest percentage of low-cost housing of any global capital (0.35%).
Some 75% of the world’s population is forecast to live in urban areas by 2050, with the speed of urbanization being the most profound in developing countries. Yet there are already 850 million people living in slums and other informal urban settlements, and in some megacities of low- and middle-income countries, almost 80% of the total population lives in slums, according to researchers.
In Brazil, rapid expansion has made the country a major international economy. Still, the housing deficit across the country affects 28.5 million people. However, in the capital of Brasilia, half (50.13%) of the homes for sale are low-cost, i.e., sold at less than 50% of the average local price. Only one European city makes this list, but eight of the ten capitals with the least low-cost housing are in Europe. Worst-served is Nicosia in Cyprus (0.35%).
Nicosia also has the world’s fourth highest level of high-cost housing (42.64%). London has Europe’s fifth highest level of high-cost housing in Europe (27.93%) but the ninth lowest level of low-costing housing in the world (2.98%). The Urban Reform Institute reports that London has the eleventh worst housing affordability levels of any major market in the world. The UK’s stark rich-poor divide is exemplified by contrasting experiences in the borough of Tower Hamlets, where more than 20,000 families are on the waiting list for social housing. There is a 43% rate of child poverty, despite being home to the major financial district of Canary Wharf — where bankers can pay upwards of £600,000 for a studio flat.
Source: dailynewshungary.com https://dailynewshungary.com/budapest-has-the-highest-share-of-high-cost-housing-in-the-world/
