Ghana’s capital city, Accra has become the world’s second most expensive city.
This is according to a survey conducted by Numbeo, a crowd-sourced global database of reported consumer prices, perceived crime rates, quality of health care, and other statistics, explained that the Price to Income Ratio is the basic measure for apartment purchase affordability.
The ranking is in terms of property price to income ratio of residents in the cities surveyed.
The website said the ranking “ is generally calculated as the ratio of median apartment prices to median familial disposable income, expressed as years of income.”
Accra has surpassed expensive cities like Russia’s Moscow, Hong Kong’s capital, Hong Kong, China’s Shenzhen and the capital of France, Paris.
The website also ranked Accra as the city with the lowest loan affordability in the world meaning it is costlier to access a loan in Accra compared to other cities, including Lagos (Nigeria), Kabul (Afghanistan), Sao Paolo (Brazil) and Stockholm (Sweden) etc
Numbeo ranked Memphis in the United States as the most affordable city per property prices.
Data for the survey was sourced from 482 cities across the world.