The research analyses several different factors, including average wages, average property prices, and the cost of utilities to reveal the most affordable countries for first-time homebuyers.
The average price for a 495 square foot apartment in Hungary stood at about GBP 62,677, well below the average of the 50 countries analyzed. In addition, Hungary had relatively low internet costs, at around GBP 11.
Hungary managed to get a total of 8.06 points out of 10 in property affordability, the same score as Lithuania.
According to Interesting Reviews, India has the most affordable housing of all the G20, OECD and European Union countries, with a score of 9.33. Relatively low average salaries are offset by equally low property costs, with very affordable utility costs increasing affordability.
In the second place, with a property affordability score of 9.29, is Turkey. A relatively low house price to salary ratio helps to keep homeownership a realistic prospect for first-time buyers in the country.
Bulgaria takes third place with a property affordability score of 8.88, making it a great place for prospective buyers who will be able to take advantage of reasonable property prices and affordable bills, despite the country having a low average salary.
According to the list. the least affordable country for first-time buyers is Luxembourg, which received a score of just 2.84. There’s not a lot of space in Luxembourg, which might go some way to explaining the very expensive cost of apartments, which on average cost as much as GBP 751.16 per square foot.
Switzerland has the second most unaffordable property market, receiving a score of 3.11. The country, nestled in the Alps, benefits from a pristine environment and is a highly desirable location for its Alpine scenery and high standard of living, which also helps to drive property prices up.
South Korea came third from the bottom, with a score of 3.94. With relatively low salaries and high apartment costs, South Koreans might find it difficult to get their first step onto the property ladder. However, once they do manage to acquire their home, they will benefit from much more reasonable utility and internet costs, according to Interesting Reviews.
The complete results of the research are available here.
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