The 10 most expensive cities around the world in 2018

These are the cities with the most expensive real estate, compared to the per capita income, New York, London, Beijing and Tokyo excluded.

The 14th Annual Demographia International Housing Affordability Survey revealed the world's most expensive cities in a survey of nearly 300 population hubs. The survey analyzed 293 metropolitan housing markets in nine countries: Australia, Canada, Hong Kong, Ireland, Japan, New Zealand, Singapore, the United Kingdom and the United States in the third quarter of 2017.

Using the "median multiple" approach, which involves taking an area's median house price and dividing it by — the median household income. So if the aver gae income was $50,000 and the average house cost $250,000, the median multiple would be 5.

The survey also looked at all cities, non-major markets included. The method found 26 "severely unaffordable" locations, with the worst offenders in the USA, Australia, New Zealand, Canada, and China.

Following are the 10 most expensive cities in 2018.

10. SAN FRANCISCO, CALIFORNIA, USA

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Like Salinas, in the populous city of San Francisco, the median house price is 9.1 times higher than the average income.

9. HONOLULU, HAWAII, USA

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The capital of Hawaii - Honolulu is a city located on the southern coast of Oahu. It has a median multiple of 9.2.

8. LOS ANGELES, CALIFORNIA, USA

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LA is the city of the most expensive state in the United States, with the housing price 9.4 times higher than the annual income of the population.

7. SANTA BARBARA, CALIFORNIA, USA

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Like LA, Santa Barbara, the city located in the same state, has a median multiple of 9.4.

6. MELBOURNE, AUSTRALIA

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Photo: Marriott Traveler

The current median multiple of Melbourne is 9.9. This figure in Melbourne was only 6.3 in 2001 and even under 3.0 in the early 1980s. However, the average house price has risen sharply since 2001.

5. SAN JOSE, CALIFORNIA, USA

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Another city in California - San Jose - has a median multiple of 10.3.

4. SANTA CRUZ, CALIFORNIA, USA

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Photo: Trover

Located in the San Francisco Bay, this is the most expensive housing market in the United States with a median multiple of 10.4.

3. VANCOUVER, CANADA

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Photo: YouTube

The most expensive city in Canada has a median multiple of 12.6.

2. SYDNEY, AUSTRALIA

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Photo: Lonely Planet

Australia's most expensive city - Sydney - has a median multiple of 12.9, rising sharply from 6.3 in 2001. The UBS Global Real Estate Bubble Index rates Sydney as having the world’s fourth worst housing bubble risk (tied with Vancouver).

1. HONG KONG, CHINA

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Picture: linkedin

Topping the list for eight years is Hong Kong, with housing prices 19.4 times higher than the average income. Last year, the median multiple here reached 18.1. This is also the highest figure in the survey.

By: Christina Baker

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