A lot of life’s essentials mostly make up the cost of living which includes food, transport and energy. The houses are mostly accounted for a large portion of the cost of living. The place where the housing cost has increased has seen a shortage of housing, especially when it comes to the availability of affordable homes for middle-income people.
New Zealand has a population of around 4.8 million people, and it is rapidly increasing in the sales of alternative housing. A portable house similar to that of temporary offices on the construction site is being bought as houses for people who cannot afford to buy a house. A two bedroom unit, measuring around 10.4meter X 3meter with a kitchen and bathroom is priced around $43,500, cheaper housing options in New Zealandwill cost you around $13000 easily. Although New Zealand has an average population density, which is 18 people per square km, New Zealand illustrates how even in a country with small population density has shortage of housing similar to that of high population centres which can have a destabilising effect on the economy.
The most expensive places to live in San Francisco and New York, a monthly rent of three bedroom apartments are covered around $6300 and $5300 respectively. Even if the area is not a very well known spot, it will cost you a monthly cut of about $4200 and $3300 respectively.
The top 10 most expensive residential area is as follows; Monaco is known as the worlds most expensive residential property market with apartments priced at $49000 per square meter. Then a New York apartment might set you back $34000, London $33000, St Tropez $32000, St Jean Cap Ferrat $31000, Hong Kong $28000, Geneva $26000, Sydney $25000, Lake Como $21000.
Four main ways you can check the price growth in an area include
- Transactional indices: Compiled by major banks to know the total value of purchases that go through the bank during a period.
- Average Sales price indices: Also compiled by banks as big sales can distort these indices during a particular month
- Repeat Sales Indices: A very accurate but difficult to compile over a short period of time, as it requires multiple sales on the same property
- Square meter price growth: This involves focusing on sales in certain apartment complexes to get an idea of how square meter prices also change; it does not require a large sample.