Top 9 most expensive cities on the planet. Photo

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Топ-9 самых дорогих городов на планете. ФотоHere without money to survive.

According to the results of a study conducted in more than 300 localities have been identified in the city, which will cost you much more than you can imagine.

In this article you will get acquainted with the 9th most expensive to live cities and learn the reason for this incredible growth of prices.

9. San Francisco, California.

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Each of us at least once in your life heard a rousing song about this beautiful city, but in real life things are not so rosy as it seems. In San Francisco the average price of property in 9.3 times higher than the annual income of the average resident.

Why is this happening? The fact is that San Francisco is on a Peninsula close to the ocean, which means that the only direction in which can grow the city upwards. The population of San Francisco every day is growing rapidly, and residents care about preserving parks and greenery in the city, making the construction of tall buildings outside the city centre is almost impossible. Another problem in San Francisco is the growth of housing with lots of luxurious elements, and the middle class population is provided with housing only 18%.

8. Los Angeles, California.

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In Los Angeles real estate prices as well as in California exceeds the average annual income of 9.3 times. However, unlike San Francisco, the main problem is one of the most luxurious cities of the state of California is the lack of adequate number of jobs. According to studies, the rate in Los Angeles is the lowest in the entire United States.

As in many expensive for living cities, residents are experiencing an acute shortage of housing for the middle class. Unfortunately, in recent years housing prices have risen sharply not only in the areas with developed infrastructure, but also throughout the city.

7. Honolulu, Hawaii.

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In Honolulu for housing you will have to pay the amount to 9.4 times your annual income. The expansion of the city becomes impossible, since the city is on the island. Also some strict laws for the protection of the environment greatly inhibit its development and permanent population in need of housing.

Since the Second World War property prices in Honolulu is rapidly increased in connection with growth of number of tourists and people wishing to settle in the Islands. Locals often can’t afford to buy housing, since Hawaii is the only state in the U.S. where property prices are determined not by the income of the local residents, and the demand from tourists and immigrants.

6. Melbourne, Australia.

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Melbourne is one of the largest Australian cities, and housing prices here are not too small – they exceed the annual income of the average resident in 9.5 times. Melbourne is not the only expensive city in Australia, it is competing with Sydney as disadvantages living is the only competition in which the citizens would not mind to concede.

Melbourne, famous for its unique culture and the local people every year attracts more and more attention, due to which the population is growing rapidly. According to statistics, the city “will overtake” Sydney in terms of population by 2050. So high housing prices are associated with high construction prices, as the labor of the workers is very much appreciated and, moreover, Australia is in some way isolated from the outside world, and many building materials have to be imported.

5. San Jose, California.

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Another expensive city in California – San Jose is located roughly in the same price category as the previous two for housing will have to pay in 9.6 times more than the average earnings for the year. In the list of most expensive cities in the U.S. San Jose is not the most prestigious first. In this city the real estate is more a source of income than a resource necessary for the convenience of local residents.

On the development of San Jose is affected by the proximity to Silicon Valley, and, due to the increase in the number of jobs, and rising housing prices. The city is also attractive for migrants, which leads to an increase in the number of short-term investments in real estate, but does not solve the problem of lack of housing for local residents.

4. Auckland, New Zealand.

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In the case of new Zealand Auckland, on finding him in the ranking of the most expensive cities in the world was influenced by many different demographic factors. The property is worth 10 times more than it receives average local resident. The biggest problem with Auckland is that in recent years significantly increased housing prices, but wages remained the same.

The real estate market of Auckland is the largest in New Zealand, but the city, according to research, suffers from a rapid population growth with inadequate infrastructure.

3. Vancouver, Canada.

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The problem of rising real estate prices in Vancouver – 11.8 times higher than the average income for the year – that housing is purchased mainly by foreigners, mainly from China. That is why it is on the 3rd place in the top of expensive cities. The population of Vancouver is growing rapidly, as well as foreign investments, therefore housing prices literally soar to the heavens.

While foreign investors acquire real estate in Canada and continue to earn good money abroad, the demand and, consequently, housing prices, especially with luxury items, continue to grow, which is quite a serious problem for those who can only afford relatively cheap properties.

2.Sydney, Australia.

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Second place in the list of the most expensive cities in the world ranked Australian in Sydney and property prices in 12.2 times the annual income of the average worker.

If, unlike San Francisco and Honolulu, Sydney does not have problems with the lack of territory, what makes housing prices so rapidly growing? Various organizations and laws struggle to protect land from urban sprawl by encouraging housing choice in existing areas to do this. They make a huge contribution to protecting the environment and cultural heritage of the country, but their actions lead to a significant increase in land prices and thus on housing.

1.Hong Kong, China.

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In Hong Kong housing prices above average annual salaries in record and incredible 18.1 times! This is 1.5 times more than in Sydney, which is on the 2nd place in our ranking, which suggests that Hong Kong is the most expensive city to live in. Among the many factors that influence the growth of real estate prices quite high demand, high population density and, of course, the scarcity of land, play an important role.

The government controls and leases most of the remaining vacant land, but, unfortunately, it is not interested in lowering housing prices, since real estate is one of the most important sources of income for Hong Kong, allowing considerably to reduce taxes. If housing prices fall, perhaps the Hong Kong government will have to change the entire tax system of the city.

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