Tokyo: For all the talk of how expensive it is to buy a house in London or New York, the most expensive major cities in the world are all in Asia. In Hong Kong, Mumbai, Beijing and Shanghai, it now takes more than 30 years for a household with the local median income to buy a 970 square foot apartment. In addition to rising supply and efforts in some places to cool red-hot markets, changes in interest rates will also put downward pressure on prices. Further rate rises by the Federal Reserve may attract money back to the US, which would affect property prices in Asia. However, the population of Tokyo and Seoul will likely shrink over the next eight years, which would reduce demand for housing.

Source: Mint January 18, 2017 06:10 UTC