Based on a new global housing affordability study conducted by the British building materials supplier Roofing Megastore, Saudi Arabia is the most affordable country in the world to buy a home in 2021. The average annual salary in the state is $20,354, and the cost of housing with an area of 100 square meters is only $90,774.
To compile the rating, the Roofing Megastore research group calculated the average cost per square meter of real estate in 109 countries around the world. To get a more accurate picture of accessibility, the average salary of local residents after taxes was taken into account.
The top ten most affordable countries in the world to buy a house includes:
Country | Annual salary, $ | The cost of housing with an area of 100 sq.m, $ | |
1 | Saudi Arabia | 20 354 | 90 774 |
2 | South Africa | 16 851 | 92 720 |
3 | USA | 42 128 | 280 596 |
4 | Puerto Rico | 21 637 | 149 477 |
5 | UAE | 32 558 | 239 530 |
6 | Palestine | 9 817 | 77 134 |
7 | Oman | 19 797 | 169 107 |
8 | Iceland | 37 742 | 384 716 |
9 | Cyprus | 16 798 | 175 869 |
10 | Katar | 36 123 | 381 271 |
According to the rating, Nepal is the most inaccessible country for buying real estate. The average annual salary is only $2,608, and the average property value is almost $2.8 million. That is, local residents will have to save more than a thousand years to buy a home.
Also, the most inaccessible countries were Ethiopia, Thailand, Ghana, Indonesia and Vietnam. In all these states, local residents with an average salary should save for their own housing for 100-200 years. Even in Hong Kong, one of the most "hot" housing markets in the world, the situation is better – you will have to save for your own house for only 73 years.
Source: The World Property Journal