The third rank of this ratio is assigned to Iran, according to which, Iran is one of the countries where the ratio of property price to annual income is equal to 33
The highest property price to annual income among Asian countries is related to Hong Kong with a number equal to 93.46. After Hong Kong, Sri Lanka occupies the second place in the list, where the ratio of property price to annual income is equal to 97.45. The third rank of this ratio is assigned to Iran, according to which, Iran is one of the countries where the ratio of property price to annual income is equal to 33.
Hong Kong becomes less attractive as it is placed more in China's orbit. Also, that region suffers from the restrictions imposed due to the outbreak of Covid-19. Meanwhile, London has lost some of its luster after Brexit and is no longer welcoming Russian investment. Dubai is the ultimate financial center where almost anyone can do business with anyone else.
China's housing market has turned from a driver of growth into a recession in 2022 with falling sales, falling prices and massive job losses. Sales of new residential properties in the country fell 28 percent last year to $1.7 trillion, the lowest in five years.