Tuesday, January 5, 2010

Detroit Cheapest - Hong Kong, not so much!

Well it looks like Detroit may very well earn the 2009  title as the 'Cheapest Place to Live'. What with homes being sold for as little as one dollar - thanks mainly to the near collapse of the North American auto industry. But on the other side of the world it seems the opposite has been happening. Forbes recently reported that Hong Kong broke the world record for the most expensive real estate in the world when a duplex apartment sold for 56 million dollars! What is also interesting is that in Asia rental rates in most cities have continued to rise despite the world wide economic downturn. When you compare renting to income in Asian countries purchasing an apartment is now more expensive than it was before this financial crisis started.

It will be interesting to see if either of these spots garner any attention in the 2010 Top Places to Live Abroad Index published every year by International Living.

For a very interesting and detailed account check out Forbes Hana Alberts article about the Most Expensive Places to live in Asia. Source: Forbes

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