Top 10 Countries in the World with the Most Expensive and the Cheapest Apartments in 2024

Which countries have the most expensive apartments? And which ones have the cheapest ones? The top 10 countries in each category with approximate housing costs and mortgage interest rates are below in our article.

When analyzing the most “expensive” and “cheapest” countries in terms of real estate prices, we looked at apartments in city centers and assessed them in three categories: price per square meter, approximate cost of apartments (90 sq. m.), mortgage interest rate (for 20 years with a fixed rate). We used the international Numbeo database as a source of information.

Top 10 Countries With The Most Expensive Real Estate

For clarity, we will present the data in the form of a table:

1. Hong Kong

Hong Kong has been the world's most expensive property market for many years now, and that's no different in 2024.

Hong Kong's high property prices are driven by limited land supply, high population density, and the city's status as a global financial centre.

2. Singapore

Singapore, another Asian financial hub, ranks second in our ranking.

Singapore's high prices are due to the city-state's limited land area, high standard of living, and attractiveness to foreign investors.

3. Switzerland

Switzerland, known for its stable economy and high standard of living, ranks third. The top 3 Swiss cities with the most expensive apartments are Zurich, Zug, and Geneva.

It is interesting to note that Switzerland offers one of the lowest mortgage interest rates among the top 10 most expensive countries.

4. South Korea

South Korea is in fourth place, helped by its growing economy and advanced technology sector.

Top 3 South Korean cities with the most expensive apartments: Seoul, Incheon, and Chuncheon.

5. Taiwan

Taiwan, known for its advanced tech industry, ranks fifth on our list.

It is worth noting that Taiwan offers the lowest mortgage interest rate of all the countries in the top 10, which may partially offset the high property prices.

6. Israel

Israel is in sixth place. The country's high property prices are due, in part, to a limited supply of land.

Top 3 Israeli cities with the most expensive apartments: Tel Aviv, Jerusalem, and Ramat Gan.

7. China

China, Asia's largest economy, ranks seventh on the list. It's important to note that property prices in the Middle Kingdom vary widely between major cities and less developed regions.

Top 3 Chinese cities with the most expensive apartments: Shanghai, Beijing, and Shenzhen.

8. Australia

Australia is the eighth most expensive country to buy property in. The top 3 Australian cities with the most expensive apartments are: Sydney, Brisbane, Melbourne.

It is worth noting that Australia has the highest mortgage interest rate among the top 10 most expensive countries.

9. Germany

Despite the relatively high prices buying real estate in Germany, the stability of this market makes it attractive to investors.

Top 3 German cities with the most expensive apartments: Munich, Frankfurt, Hamburg.

10. Kuwait

Kuwait rounds out the top ten most expensive countries. High property prices in Kuwait are due to the country's limited territory and its oil wealth.

Top 10 Countries with the Cheapest Real Estate

Now let's look at the other end of the spectrum — the countries with the most affordable property prices.

1. Pakistan

Pakistan tops the list of countries with the cheapest property.

2. Venezuela

Venezuela, despite economic difficulties, offers some of the lowest real estate prices.

It is worth paying attention to the extremely high interest rate on mortgages, which makes buying real estate on credit almost impossible for the majority of the population.

3. Egypt

Egypt ranks third in the world in terms of housing affordability. Despite low property prices, it is worth noting the high mortgage interest rate.

4. Libya

Libya, despite political instability, offers affordable property prices.

Low property prices in Libya are largely due to the country's political instability and economic difficulties.

5. Bangladesh

Bangladesh rounds out the top five most accessible countries.

6. Tunisia

Tunisia, a North African country with a rich history, ranks sixth.

Tunisia attracts investors with its relatively low property prices and potential for tourism development.

7. Palestine

Palestine, despite its difficult political situation, offers affordable housing prices.

It is worth noting that Palestine has one of the lowest mortgage interest rates among countries with cheap real estate.

8. South Africa

South Africa, the largest economy on the African continent, ranks eighth.

Despite a relatively developed economy, property prices in South Africa remain affordable by global standards.

9. Mauritius

Mauritius has some of the highest prices of any country on this list, but it is still affordable. It also has the lowest mortgage interest rate of any country with cheap property.

10. Republic of Ghana

Ghana, located in West Africa, rounds out the top ten countries with the cheapest real estate. Over the past year, prices in this market have more than doubled, as this country previously occupied fourth place in this rating. It is worth noting that interest rates in this country are also quite prohibitive.

What Affects Real Estate Values

By analyzing data on real estate prices in different countries, we can identify several key factors that influence pricing:

• Economic development: Countries with strong and stable economies tend to have higher property prices.
• Population density. In densely populated countries and cities, property prices are usually higher due to the limited supply of land.
• Geographic location: Coastal cities and resort areas often have higher property prices.
• Political stability: Countries with unstable political situations usually have lower property prices due to high risks.
• Investment attractiveness. Countries that are attractive to foreign investors often have higher property prices.
• Standard of living: Countries with a high standard of living usually offer higher property prices.
• Mortgage availability: Low mortgage rates can stimulate demand and, as a result, increase property prices.