Russia and Belarus have been placed on the list of five countries, where residential real estate is most unaffordable to common people. An average Russian has to save up for 26,1 years to buy an apartment. An average Belarusian has to save up for 28,1 years. Experts at EVANS company conducted a research to analyze local residents' opportunities to purchase apartments and houses in 40 countries of the world.
The situation is the hardest for average citizens of Morocco. The average cost of real estate in this country makes up 144,800 euros. The average family income is 2,145 euros a year. An average Moroccan will be able to buy an apartment in 67,5 years, when he or she may not need anything at all already.
In Pakistan, the average cost of residential property makes up 74,953 euros. The average family income is only 1,846 euros a year. Thus, a native Pakistani will be able to purchase an apartment only in 40.6 years of moderate living and hard work.
In Europe, residential property is most expensive in Montenegro, a small country, where an apartment costs 151,000 euros (the average family income - 5,038 euros a year). The saving period in Montenegro continues for 30 years before an apartment can be purchased.
In Belarus, apartments are cheaper, but low salaries made the researchers place the country on the third place on the list. Buying an apartment in Belarus will cost you 90,000 euros, but the annual family income makes up only 3,203 euros. Thus, a national of Belarus will have to scrape and save for 28.1 years.
In Russia, people have to work hard for 26 years to buy a flat. Even Moscow salaries, which are higher than elsewhere in the country, do not improve the situation. The average family income in Moscow reaches 11,615 euros a year, but an apartment costs 303,000 euros. As for other regions of the country, people have to pay 64,000 euros for a flat making 3,808 euros a year.
The researchers also made the list of the countries where residential property is most affordable. The USA tops the list with apartments priced at 95,536 euros and annual family income of 35,384 euros. Just 2.7 years of work, and you can buy a flat, if you are an average US citizen.
Dominican Republic comes second with 33,156 euros for a flat with average families making 9,576 euros a year, which makes only 3.5 years of waiting and working.
Chile, a Latin American state, is third. A Chilean national has to work for 4.05 years making 11,307 euros a year to get a flat worth 45.794.
In Europe, the situation is most favorable in Sweden. An apartment can be bought there for 119,536 euros, whereas the average family income in the country makes up 28,461 euros. This is only 4.2 years of work.
The top five closes with Belgium. Average Belgians make 28,307 euros a year. They have to save up for 4.3 years to purchase a residential property priced at 121,723 euros.
The list of other countries, where residential property is affordable to local residents, includes Germany (4.4 years of saving), Cyprus (5.1 years), Austria (5.2 years), Switzerland (5.4 years), Turkey (5.6 years), Bahrain (5.7 years), Ecuador (5.8 years), Finland (6.2 years), Brazil (6.3 years) and the Netherlands (6.5 years).