Monthly Finance News Magazine dedicated to reporting the key financial stories of the day from across the globe for an international corporate readership.

How Much House Can You Buy?

0

Property prices across the world are soaring, with figures in Sydney, Australia reaching new heights as the median house price hits an eye-watering $1.18 million. But, how much house could the average individual buy in different cities across the world?

The current climate in the property sector is a bleak one; house prices are climbing to the highest prices ever recorded, with Australian house price growth surging to a seven-year high. When calculating how much Australian’s can afford, the average salary of 80,278 AUD, a typical loan-to-income ratio of 4.5 times the salary and the average price per foot of property show that 509 sq ft is the biggest size of property average Aussie’s can afford in Sydney. But, with the opportunity to move to bigger and better properties in far-flung cities across the world, would you up-and-go for extra square footage?

Shuffle the interactive piece to view highest to lowest sq ft, lowest to high sq ft and all of the cities included sorted A-Z.

Top 10 biggest property locations

These are the cities where Aussie’s can buy the biggest properties:

  1. Cairo, Egypt. 4,883 sq ft
  2. Kingston, Jamaica. 2,882 sq ft
  3. Marrakech, Morocco. 2,610 sq ft
  4. Kuala Lumpur, Malaysia. 2,213 sq ft
  5. Mexico City, Mexico. 2,186 sq ft
  6. Trinidad, Trinidad. 1,734 sq ft
  7. Budapest, Hungary. 1,261 sq ft
  8. Lisbon, Portugal. 1,178 sq ft
  9. Adelaide, Australia. 1,093 sq ft
  10. Athens, Greece. 1,053 sq ft

Interestingly, Adelaide takes the 9th spot as the city where Aussie’s can afford the biggest properties with their salary. Other Australian cities featured on the ‘How much can you buy?’ list includes Perth, who take the 14th spot with 838 sq ft, Brisbane at 15th with 727 sq ft and Melbourne, just a few places behind at 18th with 608 sq ft.

Top 10 smallest (most expensive) property locations

These are the cities where the smallest properties are that the average Aussie salary, of 80,278 AUD, can afford to purchase:

  1. Monaco, Monaco. 67 sq ft
  2. London, UK. 117 sq ft
  3. Hong Kong, Hong Kong. 154 sq ft
  4. Paris, France. 234 sq ft
  5. New York, US. 235 sq ft
  6. Tokyo, Japan. 248 sq ft
  7. Moscow, Russia. 252 sq ft
  8. Mumbai, India. 261 sq ft
  9. Vienna, Austria. 277 sq ft
  10. Singapore, Singapore. 294 sq ft

Monaco is the most expensive city in the world for Australian’s to buy a home, with most only being able to afford a measly 67 sq ft of property. It may come as a surprise that London, UK takes the second spot as the most expensive city on the list to buy a property with the average Australian only being able to afford 117 sq ft of property in the English capital. Other heavily populated cities make up the rest of the top 5 list and include Hong Kong, Paris and New York.

Just how big are we talking?

To put square footage into perspective, a standard double bed is 28.1 sq ft. This means that in Monaco you can afford a property the equivalent size of 2.3 double beds on the average Australian salary, crazy right? If we apply the same logic to London, that’s just over four double-beds-worth of property on the same salary.

At the other end of the scale, to purchase a 4,883 sq ft property in Cairo, Egypt would be equivalent of 173.8 double beds.

(Source: Assured Removalists)

Comments
Loading...