In 2016, Singapore homes prices were 4.8 times the median annual pretax household income, a slight improvement from the 5.1 times recorded in 2013, but still among the world’s most “seriously unaffordable” household prices according to the 13th Annual Demographia International Housing Affordability Survey.
Singapore is among the three countries, aside from Japan and Ireland, where there were no ‘severely unaffordable’ housing markets. Severely unaffordable housing markets are those where median prices are equivalent to 5.1 times the yearly household income or above.
Hong Kong remains the most expensive housing market for 7 years straight, followed by Sydney and Vancouver in second and third place respectively.
Demographia’s latest survey covers 406 metropolitan housing markets across nine countries, namely Australia, Canada, China, Ireland, Japan, New Zealand, Singapore, the UK and the United States, with data as of Q3 2016.