Hong Kong remained the world’s least affordable housing market for the 11th year, underscoring the income disparity in the financial city, Bloomberg reports. Hong Kong’s median property price dropped slightly to 20.7 times its median household income in 2020, from 20.8 times the year prior. A combination of declining income and escalating property prices during 2020 prompted affordability to worsen in most cities. Vancouver kept its second position with the median property value rising to 13 times household income, compared with 11.9 in 2019. Sydney remained the third-most unaffordable housing market, followed by Auckland, which jumped from sixth place the year before.

Source: The Standard February 23, 2021 03:45 UTC