In these turbulent times of recession, anyone with any sense will know that living in a major city doesn’t come cheap. With supply struggling to keep up with demand, it can be of little wonder why most capitals are becoming increasingly unaffordable, even for those who work there. But if you’re lucky enough to be on the lookout for a luxurious place to live – or simply just curious – then here is our impromptu list of the most expensive cities in the world:
1. Hong Kong
The hedonist’s dream, Hong Kong, has ranked number 1 on the ‘most expensive places to live’ list for 7 seven years in a row and I wouldn’t be surprised if it stays here for many more due to its growing population and distinct lack of land to build on.
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2. Sydney, Australia
In a rather harsh twist of fate, Sydney has benefited from having the lowest rate of unemployment in Australia but this is cruelly tempered by the fact that wages have not gone up with the housing inflation, leaving many people struggling to make ends meet.
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3. Vancouver, Canada
Suffering severely from the fact it is such a popular destination for foreign home-buyers (especially people from China), Vancouver has seen an unprecedented rise in its property market, which show no signs of slowing down.
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4. Auckland, New Zealand
Much like its oceanic counterpart Sydney, Auckland has fallen victim to a surge in its property market set against an average wage that struggles to keep up. This is largely down to it being the only major housing market in New Zealand and consequently seeing a progressive rise in a once small population.
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5. San Jose, California, USA
Probably not most people’s guess for the most expensive American city to live in, San Jose’s housing market has skyrocketed due to its proximity to Silicone Valley and the fact that so many speculative developers see it as the perfect place to build in, but not to provide the all-important local housing. Perhaps a bit selfish of them, if I do say so myself!
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6. Melbourne, Australia
Melbourne has very much cemented itself as the most preferable place to live in Australia, thanks to its relaxed yet cosmopolitan vibe. However, the only problem with this is that it only has so much room to work with and since it’s seen its population rise, so unfortunately has the price of living.
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7. Honolulu, Hawaii
Completely dominated by outside demand, the house prices in the Hawaiian capital of Honolulu have soared ahead of most other places in the world due to the unprecedented number of people that have moved there since World War II and some pretty serious nature conservation laws.
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8. Los Angeles, California, USA
LA’s problem isn’t really about the house prices – as much as some of them are out-of-this-world-crazy expensive! – but more about the fact there aren’t enough to go around, what with everyone moving there hoping to become the next big Hollywood star. The place seems to be bursting at the seams and that is why finding a decently priced home here is near-on impossible.
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9. San Francisco, California, USA
Another city sitting right next to tech-hub Silicone Valley, the San Francisco Peninsula has seen an influx in luxury culture and housing, thanks to all those newly-made millionaires who can now afford it. We just feel a bit sorry for the locals…
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10. Dorset, England, UK
In a rather bizarre turn up for the books, the British region of Dorset has even beat its capital London to be christened the most ‘severely unaffordable’ place to live in the United Kingdom. This could be down to random chance or more likely because Dorset’s beautiful Jurassic coast is one of the most sought-after places to live in England.
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