How much do city centre flats cost around the world?

New research has found that city centre flats in the UK cost twice as much as in the United States and £100,000 more than in Europe.

But there are considerable variations with a buyer able to get five flats in central Manchester for the price of one in London at £144,000 each compared to £788,000 in the capital city.

Overall, the UK is the 16th most expensive nation in the world for a central flat, with prices 52% above the global average with London the most expensive city, according to the research from comparison website Finder.

Hong Kong is the world’s priciest country for a central flat, costing £1.3 million on average, followed by Singapore at £781,000, Switzerland at £543,000, South Korea at £438,000 and Japan at £364,000.

After Hong Kong, London and Singapore, the most expensive cities in the world for urban flats are Beijing at £676,000, Zurich at £670,000 and Shanghai at £667,000.

The cheapest nation of the 91 countries with available data is Egypt where a two bedroom city centre flat only costs £27,000 on average. The cheapest city is Sumy in Ukraine, where a flat would cost £20,000.

‘These statistics show that prices for a city centre flat in the UK are generally comparable to our European and global counterparts. London is very much the exception to this rule though, with a central flat being out of reach for young British people trying to get a foot on the property ladder,’ said Jon Ostler, the site’s chief executive officer.

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