Housing Prices Around the World: A Comprehensive Analysis
In a recent report by Al Jazeera, housing prices across the globe reveal stark contrasts and unexpected findings. Notably, Egypt has emerged as the cheapest country for housing, with average apartment prices significantly lower than those in many other nations. This situation is largely attributed to the sharp decline in the value of the Egyptian pound against the dollar, particularly following economic measures implemented in March.
According to data from the Australian website Finder, the top ten most expensive countries for housing in 2023 are led by Hong Kong, where the price per square meter in the city center reaches a staggering $31,681. Other countries in this elite list include Singapore and Switzerland, with average prices of $21,691 and $16,991, respectively. In contrast, the ten cheapest countries for housing, with Egypt at the forefront, show average prices for two-room apartments as low as $31,208.
The Most and Least Expensive Cities for Rentals
The report also highlights the stark differences in residential rental prices around the world. For instance, New York City tops the list with an average monthly rent of $3,890, followed by Hong Kong and London at $2,590 and $2,360, respectively. In the Arab world, Dubai and Doha are recognized as the most expensive cities for residential rentals, with costs reflecting the broader economic conditions in the region.
This analysis underscores the importance of housing as a fundamental human need, echoing sentiments from renowned architects like David Adjaye and Hassan Fathy, who have emphasized the emotional and psychological impact of living conditions on individuals.
