December 2, 2021

Accra Ranked Second Most Expensive City In The World

Ghana’s capital city, Accra, is the second most expensive city in the world in terms of the property price to income ratio, according to Numbeo.

Numbeo, a crowd-sourced global database of reported consumer prices, perceived crime rates, quality of health care, and other statistics, explained that the Price to Income Ratio is the basic measure for apartment purchase affordability.

“It is generally calculated as the ratio of median apartment prices to median familial disposable income, expressed as years of income,” the site stated.

This comes amidst agitations about the city’s high cost of property prices, contributing to the #FixTheCountry Movement. Accra is ahead of Hong Kong (Hong Kong), Shenzhen (China), Moscow (Russia), Paris (France) as well as many other world-class cities.

In the United States of America, Memphis is the most affordable city per property price to income ratio in the world.

Numbeo also revealed that Accra has the world’s highest Mortgage percentage income ratio, followed closely by Buenos Aires (Argentina) and Tehran (Iran) in second and third place, respectively.

Source: Cornerlis Kweku Affre

 

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