According to Numbeo, a crowd-sourced global database of reported consumer prices, the classification is due to property price to income ratio.
Accra is the second most expensive city in the world – Survey reveals
A recent survey by Numbeo has listed Ghana’s capital, Accra as the second most expensive city in the world.
Accra is ahead of Hong Kong (Hong Kong), Shenzhen (China), Moscow (Russia), Paris (France) as well as many other world-class cities.
“It is generally calculated as the ratio of median apartment prices to median familial disposable income, expressed as years of income,” the site stated.
Numbeo also revealed that Accra has the world’s highest Mortgage percentage income ratio, followed closely by Buenos Aires (Argentina) and Tehran (Iran) in second and third place, respectively.
Mortgage as Percentage of Income is a ratio of the actual monthly cost of the mortgage to take-home family income.
“Average monthly salary is used to estimate family income. It assumes 100% mortgage is taken on 20 years for the house (or apt) of 90 square meters which price per square meter is the average price in the city centre and outside of city centre,” the site explained.
The data was collected from 482 cities across the world.
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