According to a recent study by an Australian price comparison site regarding housing prices across the globe, Israel ranked second highest in the top ten most expensive countries to purchase a home.

The website, comparethemarket.com.au, researched the average property prices per square meter in each country and compared that with the average disposable income per household in each country and came out with the cost per square meter as a percentage of an annual income. Sadly, Israel came out as the second highest in the world, which might explain much of the housing crisis in Israel.

The most expensive country according to the research matrix was South Korea. The affluent South-east Asian nation was ranked as being the least affordable country in the world for buying a house. In South Korea, on average, one square meter of property costs approximately $9,327 US.

The average household income in Israel was found to be higher and the property prices were slightly lower, but Israel still saw an average square meter of property rank at $7,146 US.

(YWN Israel Desk – Jerusalem)