What you can buy for the price of a Hong Kong flat: an Italian castle, a Sydney apartment with harbour view or a Dublin townhouse

Hong Kong has again topped the list for world’s most expensive real estate. We compare what you can buy for the same price around the world

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A four-storey castle on the Italian region of Umbria is almost half the price of the average Hong Kong home. Photo: prestigeproperty.co.uk

Published: 2:45pm, 26 Jan 2016Updated: 6:40pm, 26 Jan 2016

Hong Kong’s housing was again crowned the most unaffordable in the world, according to the most recent Demographia survey.

The average flat sells for 19 times the gross average income, the highest ever price gap since the US- based survey began reporting 11 years ago.

The results were hardly a surprise given the high demand for Hong Kong housing. Subdivided flats smaller than 100 square feet can be rented out for as much as HK$3,000.

At the end of 2015, a luxury Hong Kong apartment on Conduit Road in the Mid-Levels sold for HK$590 million or HK$102,900 per square foot, making the 5,732 square foot duplex flat the most expensive Asia.

Hong Kong is also home to the world’s second most expensive house, a 9,890 square foot house on The Peak sold to Alibaba’s Jack Ma for HK$1.5 billion or HK$150,000 per square foot.

Selling between HK$3 million and HK$6 million for studios, one-bedrooms and two-bedrooms, Hong Kong urban renewal authority’s subsidised housing De Novo flat are just average housing prices. Photo: Felix Wong

According to the latest data released by Rating and Valuation, Hong Kong’s average price for a home is HK$4.34 million for a 430 square feet flat in Kowloon.

To understand just how expensive Hong Kong homes are, here’s what kind of home HK$4.34 million can buy you in cities around the world.