According to urban planning researcher Demographia, Hong Kong has the most unaffordable housing market among 367 metropolitan areas in 9 countries. The median home prices were 19 times the median annual household income last year. It was the highest recorded for the 12 years of survey. A 430sqft flat will cost a buyer about US $750K. The most affordable metropolitan markets were in US at 3.5 rating, a moderately unaffordable banding. Singapore is at 5.0 rating and ranked 5th at the seriously unaffordable banding. Second and third ranking cities were Sydney and Vancouver respectively.
In Singapore context, due to the fact that 90% of locals owned HDB flats which has become more affordable due to increased supply and lower prices,the housing market in Singapore has been made more palatable than say just a few years ago.