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Average property price by country around the world
What is the cost of a city centre apartment in countries around the world?
Curious about how property prices in Australia compare with the rest of the world? We estimated the average cost of buying a 2-bed apartment in the city-centre across 106 countries to find out. Of these, Australia ranked as the 9th most expensive, at $746,271.50. The average across every country was $359,687.51, which makes Australia's property prices 107% higher than the global average. Based on our research, you could buy 4 properties in Bulgaria for the price of 1 property in Australia.
The most expensive place to buy an apartment is Hong Kong (too small to be located on the map), with a 2-bed apartment costing a whopping $2.98 million - over 8 times the global average.
The 5 most expensive countries
1. Hong Kong: $2,998,644
2. Singapore: $2,058,571
3. Switzerland: $1,612,600
4. South Korea: $1,218,353
5. Luxembourg: $1,195,189
The 5 cheapest countries
1. Egypt: $47,764
2. Pakistan: $51,357
3. Venezuela: $58,519
4. Nigeria: $61,815
5. Bangladesh: $81,763
On the other end of the spectrum, the cheapest place for property is Egypt, where a property of the same size would cost you a modest $47,764, 87% less than the global average. In 2020, Pakistan was the cheapest country for a 2-bed apartment but property prices have increased by 10%.
Looking to buy a cheaper property overseas? Check out this guide on how to secure financing for an overseas property and find a trusted provider to send money internationally. If you're aiming to get on the property ladder in Australia, Finder's first-time buyers guide will help you start your journey.
The full list of countries
| Country | Price per Square Meter | Cost of a property | Compared to global average |
|---|---|---|---|
| Hong Kong | $46,132.98 | $2,998,644.02 | 734% |
| Singapore | $31,670.33 | $2,058,571.45 | 472% |
| Switzerland | $24,809.23 | $1,612,599.92 | 348% |
| South Korea | $18,743.88 | $1,218,352.51 | 239% |
| Luxembourg | $18,387.53 | $1,195,189.36 | 232% |
| China | $12,591.00 | $818,414.71 | 128% |
| Israel | $12,405.15 | $806,334.73 | 124% |
| Taiwan | $12,312.57 | $800,316.91 | 123% |
| Australia | $11,481.10 | $746,271.50 | 107% |
| Germany | $10,984.58 | $713,997.51 | 99% |
| Austria | $10,347.36 | $672,578.64 | 87% |
| Canada | $10,314.81 | $670,462.45 | 86% |
| Norway | $10,262.95 | $667,091.48 | 85% |
| New Zealand | $9,932.09 | $645,586.03 | 79% |
| France | $9,621.18 | $625,377.02 | 74% |
| Sweden | $9,130.75 | $593,499.01 | 65% |
| Iceland | $8,963.70 | $582,640.57 | 62% |
| Finland | $8,836.27 | $574,357.49 | 60% |
| Kuwait | $8,685.57 | $564,561.86 | 57% |
| Japan | $8,649.29 | $562,203.74 | 56% |
| United Kingdom | $8,629.73 | $560,932.75 | 56% |
| Denmark | $8,455.74 | $549,623.34 | 53% |
| Netherlands | $8,452.34 | $549,401.90 | 53% |
| Ireland | $7,815.19 | $507,987.40 | 41% |
| Czech Republic | $7,696.78 | $500,290.83 | 39% |
| Qatar | $7,460.19 | $484,912.22 | 35% |
| United States | $7,206.16 | $468,400.46 | 30% |
| Italy | $5,845.34 | $379,946.81 | 6% |
| Belgium | $5,840.94 | $379,660.96 | 6% |
| Slovenia | $5,834.28 | $379,228.35 | 5% |
| Lithuania | $5,824.37 | $378,584.36 | 5% |
| Thailand | $5,704.07 | $370,764.38 | 3% |
| Malta | $5,657.31 | $367,725.30 | 2% |
| Estonia | $5,651.99 | $367,379.21 | 2% |
| Poland | $5,330.33 | $346,471.28 | -4% |
| Croatia | $5,260.95 | $341,961.44 | -5% |
| Spain | $5,222.04 | $339,432.59 | -6% |
| Hungary | $4,906.17 | $318,900.77 | -11% |
| Portugal | $4,854.35 | $315,532.79 | -12% |
| Slovakia | $4,693.40 | $305,071.28 | -15% |
| United Arab Emirates | $4,425.27 | $287,642.76 | -20% |
| Vietnam | $4,333.21 | $281,658.92 | -22% |
| Serbia | $4,075.59 | $264,913.59 | -26% |
| Uruguay | $4,041.36 | $262,688.68 | -27% |
| Armenia | $3,968.45 | $257,949.03 | -28% |
| Cyprus | $3,957.57 | $257,242.11 | -28% |
| Philippines | $3,954.43 | $257,037.91 | -29% |
| Trinidad And Tobago | $3,634.26 | $236,226.68 | -34% |
| Greece | $3,618.95 | $235,231.56 | -35% |
| Chile | $3,465.43 | $225,253.16 | -37% |
| Latvia | $3,449.69 | $224,230.12 | -38% |
| Panama | $3,401.59 | $221,103.35 | -39% |
| Jamaica | $3,377.78 | $219,555.90 | -39% |
| Montenegro | $3,353.05 | $217,947.96 | -39% |
| Argentina | $3,253.52 | $211,478.80 | -41% |
| Bahrain | $3,172.34 | $206,201.80 | -43% |
| Lebanon | $3,093.75 | $201,093.75 | -44% |
| Romania | $3,068.16 | $199,430.41 | -45% |
| Nepal | $3,029.68 | $196,929.38 | -45% |
| Puerto Rico | $3,001.23 | $195,080.25 | -46% |
| Costa Rica | $2,915.00 | $189,475.32 | -47% |
| Albania | $2,843.22 | $184,809.58 | -49% |
| Malaysia | $2,820.89 | $183,357.70 | -49% |
| Bosnia And Herzegovina | $2,777.93 | $180,565.38 | -50% |
| Russia | $2,777.24 | $180,520.48 | -50% |
| Belarus | $2,741.22 | $178,179.34 | -50% |
| Peru | $2,721.13 | $176,873.22 | -51% |
| Bulgaria | $2,663.79 | $173,146.49 | -52% |
| Kosovo (Disputed Territory) | $2,634.80 | $171,262.19 | -52% |
| Indonesia | $2,606.26 | $169,407.18 | -53% |
| Brazil | $2,596.04 | $168,742.92 | -53% |
| India | $2,378.41 | $154,596.49 | -57% |
| Oman | $2,377.62 | $154,545.49 | -57% |
| Guatemala | $2,335.58 | $151,812.98 | -58% |
| Mexico | $2,321.33 | $150,886.54 | -58% |
| Morocco | $2,275.49 | $147,906.81 | -59% |
| North Macedonia | $2,251.13 | $146,323.44 | -59% |
| Iran | $2,248.51 | $146,153.15 | -59% |
| Ukraine | $2,230.45 | $144,979.39 | -60% |
| Kazakhstan | $2,227.04 | $144,757.30 | -60% |
| Dominican Republic | $2,206.65 | $143,432.52 | -60% |
| Azerbaijan | $2,205.50 | $143,357.40 | -60% |
| Sri Lanka | $2,194.44 | $142,638.77 | -60% |
| Saudi Arabia | $2,163.89 | $140,652.62 | -61% |
| Kenya | $2,127.46 | $138,284.68 | -62% |
| Moldova | $2,101.26 | $136,581.71 | -62% |
| Colombia | $2,062.31 | $134,050.27 | -63% |
| Turkey | $2,031.77 | $132,065.06 | -63% |
| Mauritius | $1,973.39 | $128,270.45 | -64% |
| Ghana | $1,926.58 | $125,227.60 | -65% |
| El Salvador | $1,885.53 | $122,559.75 | -66% |
| Ecuador | $1,874.93 | $121,870.23 | -66% |
| Bolivia | $1,776.32 | $115,461.05 | -68% |
| Uzbekistan | $1,726.17 | $112,201.05 | -69% |
| Iraq | $1,704.31 | $110,780.35 | -69% |
| Algeria | $1,703.01 | $110,695.82 | -69% |
| Jordan | $1,650.90 | $107,308.33 | -70% |
| Honduras | $1,483.55 | $96,430.75 | -73% |
| Palestine | $1,465.04 | $95,227.74 | -74% |
| South Africa | $1,344.43 | $87,388.13 | -76% |
| Tunisia | $1,303.33 | $84,716.60 | -76% |
| Bangladesh | $1,257.90 | $81,763.40 | -77% |
| Nigeria | $951.00 | $61,815.29 | -83% |
| Venezuela | $900.29 | $58,518.85 | -84% |
| Pakistan | $790.11 | $51,357.29 | -86% |
| Egypt | $734.83 | $47,763.63 | -87% |
10 least affordable cities to buy property
The Demographia International Housing Affordability report for 2023 analysed 94 housing markets in eight countries. To rate affordability, they used the "median multiple" which is the median house price divided by the median household income (pre-tax). Once again, Hong Kong topped the charts with a median multiple of 18.8. As expected, Sydney placed second on the list with mortgage as a percentage of income now at a staggering 140.68%! Melbourne finished ninth, meaning two of Australia's most "liveable cities" in the world are amongst the least affordable.
| City | Country | Mortgage as % of Income | Median Multiple |
|---|---|---|---|
| Hong Kong | China | 272.33% | 18.8 |
| Sydney | Australia | 140.68% | 13.3 |
| Vancouver | Canada | 129.75% | 12 |
| Honolulu | United States | 81.16% | 11.8 |
| San Jose | United States | 83.58% | 11.5 |
| Los Angeles | United States | 60.44% | 11.3 |
| Auckland | New Zealand | 117.65% | 10.8 |
| San Francisco | United States | 78.60% | 10.7 |
| Melbourne | Australia | 92.83% | 9.9 |
| Toronto | Canada | 116.45% | 9.5 |
House Prices in Major Australian Cities
Despite property prices falling year-on-year, markets in Adelaide and Perth have remained strong where prices rose 7% and 4.50% respectively. In 2023, prices are showing signs of recovery as median house prices have been on the rise for a number of months. Even with the RBA raising rates to 4.1%, NAB are forecasting house prices will rise by 4.7% by the end of 2023.
| City | Month end | Median sales price last 3 months | MOM Change % | YOY Change % |
|---|---|---|---|---|
| Sydney | May-2023 | $1,305,000 | 0.40% | -6.80% |
| Canberra | May-2023 | $950,000 | 0.10% | -7.80% |
| Melbourne | May-2023 | $895,000 | 0.60% | -5.80% |
| Brisbane | May-2023 | $770,000 | 0.90% | -0.80% |
| Hobart | May-2023 | $705,000 | 0.70% | -8.40% |
| Adelaide | May-2023 | $700,000 | 1.30% | 7.00% |
| Darwin | May-2023 | $580,000 | 2.70% | -0.90% |
| Perth | May-2023 | $580,000 | 0.90% | 4.50% |
Methodology
The average size of a 2-bed property in Australia is 65 square metres according to buildi.com.au. Therefore, each price per square metre was multiplied by 65 to get the cost of a 2-bed property in each country.
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