Accra is second most expensive city in the world – Survey reveals


According to Numbeo, Ghana’s capital city, Accra, is the world’s second most expensive city in terms of property price to income ratio.

The Price to Income Ratio is the basic indicator for apartment purchase affordability, according to Numbeo, a crowd-sourced global database of reported consumer prices, perceived crime rates, quality of health care, and other statistics.

“It is generally calculated as the ratio of median apartment prices to median familial disposable income, expressed as years of income,” the site stated.

Accra is second most expensive city in the world - Survey

This comes amid protests over the city’s excessive property costs, which has fueled the #FixTheCountry movement.

Accra outperforms Hong Kong, Shenzhen, Moscow, Paris, and a slew of other world-class cities.

Accra has the highest mortgage % income ratio in the world, according to Numbeo, followed by Buenos Aires (Argentina) and Tehran (Iran) in second and third place, respectively.

Mortgage as a Percentage of Income is a ratio of the mortgage’s actual monthly cost to the family’s take-home pay.

Meanwhile, Accra has the world’s lowest loan affordability.

This means that getting a loan in Accra is more expensive than getting one elsewhere.