International News Research Residential

Pretoria the #1 most affordable city for homeownership worldwide

A skyline view of Pretoria.

The average home in Pretoria costs just 4.7 times the average salary in the city, making it the number one most affordable city for homeownership worldwide.

This is according to a recent study by NetCredit which analysed the average home cost in 73 global capital cities and compared them to each city’s average salary to find the number of years someone would need to work in order to purchase a home.

Nearly all 38 Organisation for Economic Co-operation and Development countries (OECD) are likely to see a slowdown in house price growth with prices falling in more than half of them, according to Oxford Economics, which would be the widest deceleration in housing price growth for over 22 years and real house prices could drop by 25% in emerging markets over the next three years and by 10% in advanced markets, worst case scenario says the International Monetary Fund (IMF).

The City of Monaco has the most expensive homes in the world averaging $4,475,00 with the cheapest average home of $40,569 in Havana, Cuba.

The capital of Iran, Tehran, has the worst affordability of homes with the average property costing 158.4 times the average salary: