According to Open4bBusiness, Hong Kong remains the least affordable city for buying a home amongst those surveyed by UBS: a skilled service sector worker needs around 15 times their annual income to purchase a flat measuring 60 sq. near the city centre.
These figures are contained in the UBS Global Real Estate Bubble Index 2026, published on 22 September.
More than ten years’ income is also required to purchase a similar flat in Tokyo, Paris, London and Seoul.
UBS also notes a high burden on buyers’ incomes in Singapore, Lisbon, Zurich, Geneva, São Paulo, Munich, Sydney, Milan and New York.
At the other end of the scale are Miami and Dubai. A 60-square-metre flat there costs approximately five times the annual income of a skilled worker.
However, a relatively lower price-to-wage ratio does not necessarily mean affordable housing. In the US and Canada, affordability is further constrained by high mortgage rates, bank requirements and other costs associated with property ownership.
According to UBS’s calculations, compared with 2021, the average skilled worker in the cities surveyed can now afford around a third less living space on their income.
Separately, UBS compared property prices and rental costs. The highest figure was recorded in Zurich: the cost of a flat is equivalent to roughly 46 years’ rent. In Geneva, this figure stands at around 40 years, whilst in Munich, Frankfurt and Hong Kong it exceeds 30 years.
A high ratio of purchase price to rent may indicate that investors are anticipating further significant price rises. If such expectations wane, the risk of a fall in property values increases, notes UBS.
Kyiv was not included in this study.