25 Jan '11, 8am

Hong Kong has the world's least affordable housing, according to an international survey

Hong Kong has the world's least affordable housing, according to an international survey

A bird's eye view of residential and commercial property in Hong Kong. -- PHOTO: AFP HONG KONG - HONG KONG has the world's least affordable housing, according to an international survey, a finding that is sure to stoke anger among many residents already fed up with runaway property prices. Buying a home in the Asian financial hub, synonymous with its super-rich tycoons and glittering financial district, costs more than 11 times the city's average salary, outpacing London, New York and other major cities, US-based consulting firm Demographia said in a report released on Monday. Sydney was ranked the second-least affordable major city, followed by Vancouver, and Melbourne. The 7th Annual International Housing Affordability Survey compared home prices and household income in 325 cities in Australia, Canada, Hong Kong, Ireland, New Zealand, Britain and the United States. It wa...

Full article: http://www.straitstimes.com/BreakingNews/Asia/Story/STISt...

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