A survey report shows that Shenzhen, Beijing and Shanghai are the three most affordable cities in the world for home ownership.
The financial media “Giant ICON”, a subsidiary of the Hong Kong media “Hong Kong 01”, and the Chinese private think tank “RuYi Financial Research Institute” have released a report comparing the housing prices and affordability levels of residents in 20 international metropolises. The report compares housing prices and affordability levels of residents in 20 major international cities.
Since some of the cities’ housing prices include common area, when corrected for “home ownership”, Shenzhen, Beijing and Shanghai are the three cities with the highest house price to income ratios in the world, while Hong Kong, Guangzhou, Mumbai and Taipei are ranked fourth to seventh. In terms of absolute house prices, Hong Kong is firmly in first place in the world.
A report released recently by Chinese human resources service provider MileagePlus shows that in the second quarter of this year, the average monthly salary in Beijing, Shanghai and Shenzhen exceeded the 10,000 yuan mark. However, other reports show that despite the steady growth of monthly salaries in China’s major cities, the pressure of living in first-tier cities is still very heavy for most young people.