Winnie Makena
Home ownership is an almost impossible dream, but it is a global trend.
You would rather be forced to build a home kilometres away from the
city centre or share walls with...
neighbours than experience some of the
property trends in bigger cities across the world.
In San Francisco, for instance, you can buy a private street in an
auction, but not own the actual houses. You can then charge the
residents for parking on the street.
In Copenhagen, Denmark, the real estate market has become so competitive
that you will need seven months’ rent for a flat, according to the BBC.
SEE ALSO :Firm joins new home ownership plan train
If
you think that is extreme, in Stockholm, Sweden, it takes nine years on
average to be granted a rent-controlled property and that jumps to two
decades in some of the most popular neighbourhoods.
In Hong Kong, an average family would have to spend all of their income
for 16.5 years to buy one of the cheapest properties in town.
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