Israel ranks second in the top ten most expensive countries to buy a house, according to research conducted on Australian price comparison site comparethemarket.com.au.
The research analyzed average property prices per square meter and the average disposable household income in each country to calculate the cost per square meter as a percentage of annual income.
South Korea came out as the least affordable country for buying a house, due to an average property costing a whopping A$12,810 (approximately $9,372) per square meter, and an average household income of A$32,385. Israel followed South Korea as the second least affordable country in which to purchase a house. The study found that the average household income in Israel was slightly higher (A$36,797), although property prices were a bit lower too (A$9,780), for an affordability ratio of 26.6%.(A$1=$0.73)