Oxford has been named the least affordable city to live in the UK.
In the renowned university town, the average house price is £385,372 – 10.7 times the annual gross average earnings for the city, branding it the least affordable in the UK according to Lloyds Bank’s home affordability study.
Greater London comes second to Oxford, which average house prices around 10.5 times more than the average salary. This figure is misleading – there are variations across the capital with the central boroughs, including Chelsea and Kensington, significantly less affordable than the Greater London average figure.
Worldwide, London comes second in terms of property expense, according to the Global Property Guide. The buying price in the city is around $34,531 per square meter (m2). One of the most expensive properties to ever go on sale in London was in Eaton Square, Belgravia, which cost a cool £55m.
Most expensive places in the world to buy property
If you want to buy property, Monaco is top of the exclusivity list. On the tiny island, property costs about $60,114 per m2. It is considered a prime place to buy homes as a result of its close proximity to Monte Carlo and its low tax duties.
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2. London, UK
Whether it’s the booming financial district, tech scene, or just a love of the Queen and British culture, London remains one of the most coveted, and expensive places to buy a home.
This may change come the UK’s exit from the European Union, however.
3. Hong Kong, Hong Kong Island
Hong Kong has a booming economy and the real estate industry is considered king on the island. If you want to buy property here, it will cost you on average $25,551 per m2.
It is regarded as one of the best places to eat in the world and its architecture is unrivalled — it is home to the world’s largest collection of skyscrapers.
4. New York, US
New York, New York! Where it will cost you $17,847 per m2 to buy a home.
But it’s worth it for Broadway, one of the biggest financial sectors in the world, beautiful parks, and one amazing Fashion Week.
5. Moscow, Russia
Russia’s capital city and its interesting history makes it home to several World Heritage Sites, like the Kremlin and the Red Square.
If you want to buy a home here, get ready to pay $16,021 per m2 for your own Russian dacha.
6. Geneva, Switzerland
It may be marred with noise pollution and burglaries but Geneva is home to CERN and the Large Hadron Collider amongst other attractions, and is known as a place to keep your money safe.
To set up shop here, it’s going to cost you an average of $14,495 per m2.
7. Vienna, Austria
Vienna has consistently topped Mercer’s Quality of Living rankings for the past few years, which is based on internal stability, crime figures and performance of local law enforcement.
To make the Austrian city your home, be prepared to pay $14,592 per m2.
8. Paris, France
If you want to live in London but it’s too expensive, Paris is only two hours away by Eurostar.
Prices here are around $14,100 per m2 and think of all the amazing food, wine and culture you can soak up.
9. Tokyo, Japan
Tokyo has a higher GDP than Russia, according to GlobalData’s latest city data, so it is no surprise that the city would be considered an expensive place to live.
Property in Japan’s capital city costs on average $13,825 per m2.
Singapore often ranks highly on surveys of places to live and work, but its cost of living is going up regularly as well as property prices.