How Many Years Will Need a Family to Save up for Luxury Housing
Source: http://www.dom.ria.ua
#luxury #apartment #realestate #economy
On April British Chesterton consulting considered the world's property markets and has estimated how many years need a family to buy a luxury apartment. The first was Hong Kong. Here on the luxury housing an ordinary family has to save 205 years. The average cost of real estate is $ 3.6 million and an average annual household income is $ 17.5 thousand. In ranking the second place was Moscow, where to buy luxury housing family will have to make money for 113 years. "Chesterton" Analysts also estimated, that the average annual income of family in Moscow is $ 35.2 thousand, while the average price of luxury apartments - $ 3.9 million.
It is more difficult to purchase luxury housing in London and in New York. Here the figures are 65 and 55 years respectively. In Kiev, with an average annual household income of $ 23 thousand and the price of luxury apartments in the $ 900 thousand, the rate of availability is 39 years. In Paris and Geneva for the purchase of luxury housing families have to spend 32 years.
One of the lowest indicators (11 years) is observed in the United Arab Emirates in the Abu Dhabi. In addition to a high standard of living (annual income is about $ 144 thousand), experts attribute this to the fact that here house construction sector is very advanced.
If we bring such rough calculation for Yerevan, we'll have following results; with the average annual income of a $7.0-$8.0 and an average cost of a luxury apartment of $250-300 thousands, an average income family living in Yerevan will have to pay for it about 35-40 years.
However, as we see, Chesterton's calculations didn't assume other expenses, such as food, education, utilities, healthcare and so on, and surely, including all these costs will postpone apartment buying, and for an average Yerevan family the outlook for getting luxury apartment is almost unreachable.
It is more difficult to purchase luxury housing in London and in New York. Here the figures are 65 and 55 years respectively. In Kiev, with an average annual household income of $ 23 thousand and the price of luxury apartments in the $ 900 thousand, the rate of availability is 39 years. In Paris and Geneva for the purchase of luxury housing families have to spend 32 years.
One of the lowest indicators (11 years) is observed in the United Arab Emirates in the Abu Dhabi. In addition to a high standard of living (annual income is about $ 144 thousand), experts attribute this to the fact that here house construction sector is very advanced.
If we bring such rough calculation for Yerevan, we'll have following results; with the average annual income of a $7.0-$8.0 and an average cost of a luxury apartment of $250-300 thousands, an average income family living in Yerevan will have to pay for it about 35-40 years.
However, as we see, Chesterton's calculations didn't assume other expenses, such as food, education, utilities, healthcare and so on, and surely, including all these costs will postpone apartment buying, and for an average Yerevan family the outlook for getting luxury apartment is almost unreachable.
