- Daily Zen
The cost of buying a house in the most expensive cities will continue to increase as we see the devastating effects of the pandemic.
During the coronavirus pandemic, we saw some drastic changes in the real estate market. According to the UBS Global Real Estate Bubble Index, from mid-2020 to mid-2021, the prices of homes hit a 6% increase, which is the highest growth since 2014. We wonder what the cost of buying an apartment is and which the best cities are where you can buy an apartment.
The best places to buy an apartment are those that did not increase their prices drastically during the Corona crisis. In these places, you can still find an affordable apartment that you can live in.
Here is the list of the most expensive cities in the world when it comes to the correlation between the price of the apartment and the number of years that you need to spend working to buy an apartment.
Take a look at the list.
According to the Global Real Estate Bubble Index, the prices in the mentioned cities are the highest in the world, and they continue to increase as the global pandemic affects the markets.
When we consider the average cost for an apartment, we take into account the cost of an apartment per square meter. In Europe, there is the euro currency that people use for transactions. Therefore, we completed the list of the cities and the average cost of one square meter described in euros.
How much does it cost to buy an apartment?
When we take a look at the list above, we can see how expensive the European cities are. The situation with the rest of the cities on other continents is no different and you will pay a high price for an apartment whether you are in Hong Kong, Sidney, New York, or London.
The COVID-19 effects on the house markets are visible in every area of society. The pandemic benefited house prices, and governments invested trillions of dollars as support for businesses and workers.
At the same time, the officials banned repossessions and this helped the homeowners in the entire situation. In Britain, house prices surged 8.5% in 2020, and this is the highest annual growth since 2014. All of these are happening during the worst recession in the last three centuries.
In the UK, people are panic-buying properties and they believe the prices will go higher and higher. They do not want to miss the opportunity to get an apartment at a lower price. Since the market prices are constantly on the rise, the buyers are deciding to buy as soon as possible.
As you can see from the presented list, the average cost for an apartment is pretty high in the most important cities in the world. Only the lucky ones can afford to have one home or apartment in the center of the city and one in the city suburbs.
In this manner, people can save more and afford more quality of life. For most people, having at least one property in the city area is a dream that they want to turn into reality. That is why they save money for a long time to be able to afford the cost of buying an apartment.