According to a recent Numbeo survey, Ghana’s capital, Accra, is the world’s second most expensive city.
According to Numbeo, a crowd-sourced global database of reported consumer prices, the classification is due to property price to income ratio.
Accra outperforms Hong Kong, Shenzhen, Moscow, Paris, and a slew of other world-class cities to become second most expensive city.
According to the website, “it is commonly calculated as the ratio of median apartment prices to median familial disposable income, expressed as years of income.”
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.
“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.