Hong Kong and Mumbai became cities of expensive housing

Baku. 18 January. REPORT.AZ/ 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, Report informs referring to the Bloomberg.

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 90 square meter apartment. That's according to Oxford Economics examination of price-to-income ratios across the world.

"We expect housing price increases to moderate in the coming years across Asia, with outright falls possible in some markets," economists Tianjie He and Louis Kuijs wrote in the report.

London took fifth place in the ranking of the most expensive housing. The top ten also included Tokyo, Singapore, Paris, New York and Seoul.

To buy a home in New York and Paris citizen with an average salary will need about 20 years.