THE STC 2018 REAL ESTATE INDEX

The 2018 STC Real Estate Index by Global Residence Index ranks world cities based on the stability, affordability and level of taxation of their property market. Our ranking has been extended this year to include 193 world cities. We list the estimated average rental and purchase price of a 100-square-meter residential property and all the taxes involved for both residential and commercial properties. As much as we want to compare one property market to another, let it be known that the average apartment in Paris can be very different from that of the average apartment in

Rank COUNTRY CITY REI Price to Income Ratio Mortgage as Percentange of Income Gross Rental Yield (City Centre) Rent - Apartment (3 bedrooms) in City Centre Buy - Price per Square Meter to Buy Apartment in City Centre Property Tax Residential(Home) Property Tax Commercial Transfer Tax Residential Property Transfer Tax Commercial Property ($1MUSD) Rental Income Tax Tax on Residential Property Rental Income Tax Tax on Commercial Property Capital Gain Tax on Main Residence
1 Saudi Arabia Jeddah 1 2.89 21.77% 7.89% $ 600 $ 9,000 0 0 0 0 20% 20% 0
2 Saudi Arabia Riyadh 1 2.77 20.68% 8.89% $ 800 $ 117,000 0 0 0 0 20% 20% 0
3 Kuwait Kuwait City 0.99 18.39 171.07% 2.68% $ 1,900 $ 73,000 0 0 0 0 0 0 0
4 Honduras San Pedro Sula 0.99 4.71 63.51% 15.90% $ 600 $ 38,000 0.35% 0.35% 1.50% 1.50% Income Tax Income Tax 10%
5 Isle of Man Douglas 0.97 4.98 32.75% 9.40% $ 1,500 $ 199,000 0.4%* 0.4%* 0 0 20% 20% 0
6 Kazakhstan Astana 0.94 7.64 115.96% 7.51% $ 600 $ 9,000 1.50% 1.50% 0 0 10% 10% 0
7 Qatar Doha 0.94 5.95 46.02% 7.90% $ 2,800 $ 415,000 0 0 0 0 10% 10% 0
8 Bolivia La Paz 0.94 10.35 98.15% 6.46% $ 600 $ 11,000 0.1154% 0.1154% 3% 3% 13% 13% 0
9 UAE Abu Dhabi 0.93 4.91 36.10% 9.04% $ 2,600 $ 323,000 3% of rental Value 3% of rental value 2% 2% 0 0 0
10 Azerbaijan Baku 0.93 15.87 166.34% 5.02% $ 700 $ 14,000 0.40% 0.40% 0 0 25% 25% 0
11 Romania Bucharest 0.93 10.51 92.00% 4.92% $ 900 $ 21,000 0.26% 1% 1.50% 1.50% 16% 16% 0
12 Cyprus Nicosia 0.93 5.35 34.13% 7.40% $ 1,100 $ 184,000 0 0 2.68%* 2.68%* Income Tax+ 3% Income Tax+ 3% 0
13 Slovakia Bratislava 0.92 13.52 78.03% 3.75% $ 1,300 $ 40,000 €7/m2 + 1.15% of land value €15/m2 + 1.15% of land value 0 0 Income Tax Income Tax 0
14 Honduras Tegucigalpa 0.92 9.42 118.31% 8.81% $ 800 $ 108,000 0.35% 0.35% 1.50% 1.50% Income Tax Income Tax 10%
15 Kazakhstan Almaty 0.91 11.58 171.75% 6.10% $ 600 $ 12,000 1.50% 1.50% 0 0 10% 10% 0
16 Libya Tripoli 0.91 13.31 210.30% 4.43% $ 1,100 $ 279,000 0 0 0 0 10% 10% 10%
17 Andorra Andorra la Vella 0.9 7.5 49.90% 4.86% $ 1,500 $ 35,000 0.319 euros / m² 0.5€/m2 4%* 4% 13% 13% 0*
18 Turks and Caicos Islands Providenciales 0.9 3.61 31.04% 19.65% $ 2,500 $ 135,000 0 0 6.50% 6.50% 0 0 0
19 Bahrain Manama 0.89 8.95 78.94% 7.29% $ 1,700 $ 279,000 10% of rental Income 10% of rental Income 1.70% 1.70% 0 0 0
20 Oman Muscat 0.89 4.93 38.43% 6.45% $ 1,100 $ 209,000 0 0 5% 5% 5.00% 5.00% 0
21 Ecuador Quito 0.89 12.4 152.38% 6.35% $ 800 $ 154,000 0.65% 0.65% 1% 1% Income Tax Income Tax 10%
22 Macedonia Skopje 0.89 13.7 110.96% 4.33% $ 500 $ 150,000 0.15% 0.20% 2% 4% 10% 10% 7%
23 Moldova Chisinau 0.88 12.43 140.23% 6.50% $ 500 $ 108,000 0.85% 1.10% 0*% 0*% 18% 18% 18%
24 Mongolia Ulaanbaatar 0.88 10.98 132.16% 7.31% $ 600 $ 106,000 1% 1% 2% 2% 10% 10% 2%
25 Tanzania Dar es Salaam 0.87 14.69 294.88% 16.67% $ 1,200 $ 66,000 0.15% 0.15% 1% 1% 10% 10% 10%
26 Albania Durres 0.87 11.54 98.09% 5% $ 500 $ 120,000 30 ALL/sqm 400 ALL/sqm 0* 0* Income tax Income tax Income tax
27 Cape Verde Praia 0.87 9.82 200.22% 8.75% $ 600 $ 80,000 0.31875% 0.31875% 1.50% 1.50% Income Tax Income Tax 1%
28 Cyprus Limassol 0.86 9.44 64.01% 5.98% $ 1,700 $ 353,000 0 0 2.68%* 2.68%* Income Tax+ 3% Income Tax+ 3% 0
29 Latvia Riga 0.86 9.58 61.22% 4.58% $ 900 $ 247,000 0.60% 1.50% 2%* 2%* 10% 10% 0
30 El Salvador San Salvador 0.86 14.28 147.67% 7.08% $ 800 $ 120,000 $230 $230 3% 3% Income Tax Income Tax 10%
31 Montenegro Budva 0.85 19.28 193.50% 3.42% $ 800 $ 28,000 0% 1% 3% 3% 9% 9% 0%
32 Saint Lucia Castries 0.82 4 40.00% 9.04% $ 1,300 $ 125,000 5% of rental value 0.25%* 5%* 5%* Income Tax + 2% of contract value Income Tax + 2% of contract value 0
33 Costa Rica San Jose 0.85 9.42 100.59% 6.35% $ 900 $ 185,000 0.25% 0.25% 1.50% 1.50% Income Tax Income Tax 0
34 Paraguay Asuncion 0.84 13.38 193.09% 5.65% $ 600 $ 11,000 1% 1% 1.80% 1.80% Income Tax Income Tax Income Tax
35 Malaysia Kuala Lumpur 0.84 10.52 78.50% 3.56% $ 900 $ 28,000 4% of rental value 10% of rental value 3% 3% Income Tax Income Tax 0
36 Iceland Reykjavik 0.84 6.5 55.93% 6.97% $ 2,500 $ 465,000 0.20% 1.65% 0.20% 1.65% 12.5%* 12.5%* 0
37 UAE Dubai 0.83 5.14 38.33% 9.64% $ 3,100 $ 374,000 5% of rent valuation* 5% of rent valuation* 4% 4% 0 0 0
38 Guatemala Guatemala City 0.83 13.58 133.39% 7.44% $ 900 $ 156,000 0.90% 0.90% 3% 3% 7% 7% 10%
39 Thailand Phuket 0.83 11.23 98.06% 6.05% $ 1,100 $ 199,000 12.5% of rental value 12.5% of rental value 3% 3% Income Tax - 30% Income Tax - 30% 0
40 Serbia Belgrade 0.82 20.09 146.81% 2.95% $ 800 $ 29,000 0.40% 0.40% 2.50% 2.50% 20% 20% 15%
41 Hungary Budapest 0.82 14.89 117.30% 3.41% $ 1,000 $ 33,000 $6.37/m2 $6.37/m2 4% 4% 16% 16% 0*
42 Turkey Istanbul 0.82 10.82 157.79% 5.17% $ 600 $ 12,000 0.60% 0.60% 4% 4% 1/2 of Income Tax 1/2 of Income Tax 0
43 Vanuatu Port Vila 0.82 5.89 51.69% 20.67% $ 2,300 $ 149,000 5.5% of rental valuation 5.5% of rental valuation 7% 7% 6.25%* 12.50% 0
44 Georgia Tbilisi 0.82 15.07 185.69% 6.44% $ 700 $ 127,000 1% 1% 0 0 Income Tax Income Tax 0
45 Liechtenstein Vaduz 0.82 3.7 42.82% 6.88% $ 2,900 $ 521,000 0* 0* 0* 0* Income Tax Income Tax 12.5%*
46 Netherlands Amsterdam 0.81 11.1 69.15% 4.44% $ 3,300 $ 87,000 0.049% + €440 0.17265% + €440 2% 6% 30%* 30%* 0
47 Egypt Cairo 0.81 12.17 195.89% 7.25% $ 400 $ 55,000 10% of rental value 10% of rental value 2.50% 2.50% 1/2 of Income Tax 1/2 of Income Tax 0
48 Ukraine Kiev 0.81 12.17 218.59% 6.81% $ 1,100 $ 17,000 1% 2.70% 1% 1% 19.50% 19.50% 0.00%
49 Venezuela Caracas 0.8 15.38 299.34% 7.50% $ 600 $ 100,000 0.48% 0.48% 1.10% 1.10% Income Tax Income Tax 0
50 Peru Lima 0.8 16.65 181.44% 6.18% $ 900 $ 189,000 1% 1% 3.30% 3.30% 5% 5% 5%
51 Russia Saint Petersburg 0.8 15.92 173.14% 4.51% $ 1,000 $ 254,000 1% 2.20% $1,000 $1,000 13% 13% 0
52 Thailand Bangkok 0.79 29.24 232.21% 3.29% $ 1,900 $ 54,000 12.5% of rental value 12.5% of rental value 3% 3% Income Tax - 30% Income Tax - 30% 0
53 Laos Vientiane 0.79 29.14 345.24% 4.18% $ 1,400 $ 350,000 0* 0* 1% 1% 10% 10% 5%
54 Poland Warsaw 0.79 14.73 111.14% 4.12% $ 1,500 $ 430,000 0.75 PLN/m2 23.13 PLN/m2 0.00% 0.00% 32% 32% 19%
55 Vietnam Ho Chi Minh City 0.78 22.81 250.08% 4.62% $ 1,200 $ 27,000 0.15% 0.15% 0.50% 0.50% Income Tax Income Tax Income Tax
56 Estonia Tallinn 0.78 9.79 62.38% 4.07% $ 1,100 $ 339,000 1% 2% 0% 0% 20% 20% 20%
57 Belarus Minsk 0.77 17.17 253.53% 4.38% $ 700 $ 190,000 0.45%* 0.70% 3.5%* 3.5%* 15% 15% 0
58 Vietnam Hanoi 0.76 18.06 193.92% 3.92% $ 800 $ 217,000 0.15% 0.15% 0.50% 0.50% Income Tax Income Tax Income Tax
59 Nicaragua Managua 0.76 11.17 142.06% 5.54% $ 500 $ 97,000 1% 1% 4% 4% 10% 10% 30%
60 Uruguay Montevideo 0.76 17.04 164.21% 3.91% $ 800 $ 242,000 0.5%* 0.5%* 4% 4% 10.5% 10.5% 12.0%
61 Lithuania Vilnius 0.76 11.11 69.90% 3.97% $ 1,000 $ 334,000 2% 3% 0 0 15% 15% 0
62 Greece Athens 0.75 11.33 85.78% 4.77% $ 900 $ 21,000 15€/m2 + 0.5% 20€/m2 + 1% 3.75% 3.75% Income Tax* Income Tax* 0
63 Tunisia Tunis 0.75 12.15 139.42% 5.40% $ 400 $ 93,000 0.30% 1.50% 5% 5% 70% of Income Tax 70% of Income Tax 10%
64 Seychelles Victoria 0.75 16.08 192.70% 21.26% $ 2,200 $ 120,000 0* 0* 6.50% 6.50% 25%* 25%* 0
65 Switzerland Lausanne 0.74 11.25 63.30% 2.42% $ 3,300 $ 1,581,000 0.15%* 0.15%* 3.30% 3.30% Income Tax Income Tax 14%
66 Lebanon Beirut 0.73 17.13 166.43% 5.27% $ 1,800 $ 37,000 14% of rental value 14% of rental value 6% 6% 10% 10% 10%
67 Finland Helsinki 0.73 12.41 69.30% 2.71% $ 2,300 $ 92,000 0.37% 0.80% 4%* 4% 34% 34% 0
68 Cambodia Phnom Penh 0.73 31.58 363.96% 5.06% $ 1,200 $ 233,000 0.10% 0.10% 4% 4% 10% 10% 0
69 Croatia Split 0.73 20.48 155.97% 2.88% $ 1,000 $ 412,000 0 0 5%* 5% 12% 12% 0
70 Switzerland Zurich 0.73 8.11 45.83% 3.35% $ 4,200 $ 1,465,000 0* 0* 0.15% 0.15% Income Tax Income Tax 35%
71 Turks and Caicos Islands Cockburn Town 0.72 9.47 81.45% 6.11% $ 1,500 $ 200,000 0 0 10% 10% 0 0 0
72 Chile Santiago 0.72 18.45 133.27% 3.70% $ 900 $ 276,000 1.168% 1.229% 0.20% 0.20% Income Tax Income Tax 50% of Income Tax
73 Colombia Bogota 0.71 25.7 336.94% 4.96% $ 800 $ 18,000 0.65%* 0.95%* 1.5%* 1.5%* Income Tax Income Tax 0
74 Australia Brisbane 0.71 5.9 42.13% 5.21% $ 2,200 $ 48,000 0.5654%* 2.4229%* 3.75% 3.75% Income Tax Income Tax 0
75 Colombia Cali 0.71 13.45 188.69% 4.67% $ 500 $ 100,000 0.6%* .7%* 3.50% 3.50% Income Tax Income Tax 0
76 Denmark Copenhagen 0.71 5.67 35.82% 3.69% $ 1,500 $ 506,000 340$+3.4% of land value 340$+3.4% of land value 0.60% 0.60% Income Tax Income Tax 0
77 Jersey Saint Helier 0.71 9.47 63.07% 5.10% $ 3,000 $ 717,000 1.85 % of Rateable value 2.40% of Rateable value 2.5%* 2.5%* 20% 20% 0
78 Dominican republic Santo Domingo 0.71 14.23 188.22% 6.15% $ 700 $ 134,000 1%* 1%* 3% 3% 27% 27% 25%
79 Algeria Algiers 0.7 25.96 238.41% 2.96% $ 500 $ 187,000 3% of rental value* 5% of rent value* 5% 5% 10% 15% 12.225%
80 Brazil Brasilia 0.7 11.66 125.33% 4.11% $ 800 $ 18,000 0.30% 1% 3% 3% Income Tax Income Tax Income Tax
81 Panama Panama City 0.69 12.21 99.51% 8.38% $ 1,600 $ 226,000 2.10% 2.10% 2% 2% 25% 25% 10%
82 Antigua and Barbuda Saint John's 0.69 8.2 102.46% 6.26% $ 1,200 $ 200,000 0.30% 0.50% 10% 10% 0% 0% 0%
83 Malta Valletta 0.69 18.09 138.38% 6.18% $ 2,700 $ 496,000 0 0 5% 5% 15% 15% 0%
84 Greece Corfu 0.68 12.87 138.92% 4.50% $ 900 $ 236,000 15€/m2 + 0.5% 20€/m2 + 1% 3.75% 3.75% Income Tax* Income Tax* 0
85 Mexico Mexico City 0.68 13.54 167.48% 5.94% $ 1,200 $ 241,000 1.20% 1.20% 3% 3% Income Tax - 35% Income Tax - 35% 0
86 Russia Moscow 0.68 20.8 223.54% 3.79% $ 1,800 $ 544,000 1.4%* 2.2%* $1,000 $1,000 13% 13% 0
87 Bahamas Nassau 0.68 4.36 41.34% 14.31% $ 2,600 $ 177,000 0.625%* 1.5%* 10% 10% .5% of rental Income Tax* .5% of rental Income Tax* 0
88 Grenada Saint George's 0.68 8.75 90.02% 9.32% $ 900 $ 130,000 2.50% 4% 5%* 5%* .5* .5* 0.75%*
89 Uzbekistan Tashkent 0.68 14.86 319.41% 6.44% $ 600 $ 102,000 2.5% 5.00% 0* 0* 7.50% 7.50% Income Tax
90 Iraq Baghdad 0.67 11.75 124.65% 5.18% $ 800 $ 18,000 10% of rental value 10% of rental value 9%* 9%* 20% 20% 0
91 USA Boston 0.67 8.16 59.02% 5.00% $ 4,300 $ 104,000 1.059% 2.54% 0.46% 0.46% Income Tax Income Tax 20%
92 Pakistan Karachi 0.67 13.11 186.00% 4.50% $ 300 $ 7,000 18% of rental value 18% of rental value 7.50% 7.50% 20% 20% 0
93 Pakistan Lahore 0.67 12.93 214.48% 4.89% $ 300 $ 6,000 18% of rental value 18% of rental value 7.50% 7.50% 20% 20% 0
94 Slovenia Ljubljana 0.67 13.32 88.43% 3.54% $ 1,300 $ 449,000 1.00% 1.25% 2% 2% 25% 25% 25%
95 Colombia Medellin 0.67 17.43 213.36% 5.76% $ 500 $ 114,000 1.5%* 1.5%* 2% 2% Income Tax Income Tax 0
96 Italy Venice 0.67 11.81 73.56% 4.21% $ 2,500 $ 618,000 0.81% 0.81% 2.9% 2.9% 15% 15% 0
97 Jordan Amman 0.66 9.29 91.97% 5.35% $ 600 $ 13,000 15% of rental value 15% of rental value 9% 9% Income Tax Income Tax 0
98 US Virgin Islands Charlotte Amalie 0.66 8.62 65.37% 4.64% $ 2,300 $ 575,000 0.38% 0.71% 2% 2% Income Tax Income Tax 20%
99 Ireland Dublin 0.66 9.17 63.87% 6.53% $ 3,800 $ 684,000 0.15% 0.15% 1%* 2% Income Tax* Income Tax* 0%
100 Morocco Dakhla 0.65 24 252% 5.90% $ 700 $ 120,000 17.5% of rental value* 40% of rental value 5%* 5%* 0* 0* 0*
101 Fiji Suva 0.65 16.09 146.90% 5.01% $ 1,300 $ 269,000 2.47% 2.47% 3% 3% Income Tax Income Tax 0
102 Kenya Nairobi 0.63 25.61 390.37% 3.03% $ 900 $ 319,000 0.60% 0.60% 4% 4% 10% Income Tax 0
103 Czech Republic Prague 0.63 18.21 117.21% 3.06% $ 1,600 $ 636,000 3.5$/m2* 15$/m2* 4% 4% 15% 15% 0
104 Indonesia Jakarta 0.62 23.45 274.99% 4.59% $ 1,300 $ 27,000 0.20% 0.20% 10% 10% 10% 10% 0*
105 Taiwan Kaohsiung 0.61 13.44 78.88% 1.98% $ 800 $ 38,000 1.2%* 3%* 6.1%* 6.1%* Income Tax Income Tax 10%*
106 India Kolkata 0.61 10.76 113.44% 3.90% $ 400 $ 11,000 40% of rental value 40% of rental value 7% 7% Income Tax Income Tax 0
107 Norway Oslo 0.61 10.67 70.19% 3.11% $ 2,400 $ 993,000 0.20% 0.30% 0.70% 2.50% 24% 24% 24%
108 Italy Rome 0.61 17.63 108.68% 3.16% $ 2,400 $ 848,000 3.8€/m2 + 0.6%* 18.23€/m2 + 1.16%* 2% 3% 15% 15% 0
109 Germany Berlin 0.6 9.72 57.90% 3.47% $ 2,100 $ 66,000 2.835% of land value 2.835% of land value 6% 6% Income Tax Income Tax 12%*
110 Canada Montreal 0.6 7.54 50.27% 4.66% $ 1,800 $ 466,000 0.7665% 3.53% 1.5%* 1.5%* Income Tax Income Tax 0
111 Mauritius Port Louis 0.6 11.15 107.35% 11.51% $ 900 $ 85,000 28% of rental value 28% of rental value 10% 10% 15% 15% 0
112 Sri Lanka Colombo 0.59 31.5 474.25% 4.54% $ 1,100 $ 261,000 35% of rental value 35% of rental value 4% 4% 18% 18% 0
113 India Hyderabad 0.59 8.5 94.56% 4.50% $ 500 $ 10,000 30% of rental value 30% of rental value 8% 8% Income Tax Income Tax 0
114 Brazil Rio de Janeiro 0.59 23.76 267.43% 3.89% $ 700 $ 195,000 1.0658% 1.0658% 2% 2% Income Tax Income Tax Income Tax
115 Dominica Roseau 0.59 6.5 52% 12.90% $ 700 $ 63,000 1.25% 1.25% 10%* 10%* Income Tax Income Tax 0
116 India Bangalore 0.58 8.29 89.29% 3.59% $ 600 $ 16,000 20% of rental value 25% of rental value 10% 10% Income Tax Income Tax 0
117 Switzerland Geneva 0.58 9.64 56.01% 3.09% $ 3,200 $ 1,520,000 0.1%* 0.2%* 3% 3% Income Tax Income Tax 0*
118 Bulgaria Sofia 0.58 9.87 68.58% 4.88% $ 800 $ 203,000 730$+0.5515% 730$+0.5515% 2.50% 2.50% 10% 10% 0
119 Sweden Stockholm 0.58 14.31 87.68% 2.75% $ 2,400 $ 1,158,000 0.75%* 1.00% 4.25% 4.25% 30% 30% 22%
120 Brazil Sao Paulo 0.57 17.62 190.43% 4.46% $ 900 $ 232,000 1% 1.50% 3% 3% Income Tax Income Tax Income Tax
121 India Delhi 0.56 18.06 193.35% 2.69% $ 600 $ 228,000 20% of rental value 20% of rental value 8% 8% Income Tax Income Tax 0
122 Bermuda Hamilton 0.56 6.08 53.67% 5.73% $ 5,200 $ 1,000,000 12% of rent value* 7% of rental value 4%* 4%* 8%* 8%* 0
123 India Chennai 0.55 13.65 153.89% 2.37% $ 3,500 $ 199,000 12.4% of rental value 12.4% of rental value 8% 8% Income Tax Income Tax 0
124 Italy Milan 0.55 17.93 107.25% 3.22% $ 3,200 $ 1,026,000 2.24€/m2+0.68%* 5.23€/m2 + 1.14%* 2% 3% 15% 15% 0
125 Canada Vancouver 0.55 11.36 74.92% 3.81% $ 2,900 $ 920,000 0.2550% 1.244% 2%* 2%* Income Tax Income Tax 0
126 Bangladesh Dhaka 0.54 17.41 216.55% 3.05% $ 400 $ 133,000 12% of rental value 12% of rental value 8.0% 9.5% Income Tax Income Tax 15%
127 Hong Kong Hong Kong 0.54 45.52 290.19% 1.59% $ 4,500 $ 301,000 5% of rental value 15% of rental value 4.25% 8.50% 15% 15% 0
128 South Africa Johannesburg 0.54 3.25 35.03% 10.31% $ 900 $ 10,000 0.6916% 1.7982% 11%* 11%* Income Tax Income Tax 0*
129 Portugal Lisbon 0.54 16.45 100.21% 4.27% $ 1,900 $ 531,000 0.8%* 1.5%* 6% 6.50% 28% 28% 0
130 Macau Macau 0.54 26.1 169.81% 1.76% $ 2,100 $ 1,238,000 10% of rental value 16% of rental value 3% 3% 12% 12% 0%
131 Brazil Belo Horizonte 0.53 23.57 305.54% 3.52% $ 500 $ 16,000 1.97% 1.97% 3% 3% Income Tax Income Tax Income Tax
132 USA Los Angeles 0.53 7.42 52.99% 6.12% $ 4,400 $ 827,000 1.205% 1.205% 0.56% 0.56% Income Tax Income Tax 20%
133 British Virgin Islands Road town 0.53 9.29 60.37% 6.15% $ 2,700 $ 470,000 50$+1.5% of rental value 50$+1.5% of rental value 12% 12% 1.50% 1.50% 0
134 Gibraltar Gibraltar 0.52 10.17 77.35% 5.45% $ 3,500 $ 720,000 50% of rental value 52% of annual value 3.50% 3.50% 20% 20% 0
135 Angola Luanda 0.52 14.83 330.55% 9.42% $ 10,000 $ 600,000 15% of rent paid 15% of rent paid 2% 2% 15%* 15% 0
136 Philippines Manila 0.52 37.15 369.41% 5.89% $ 2,300 $ 352,000 2% 2% 1.50% 1.50% Income Income 0%
137 Morocco Casablanca 0.51 15.13 121.33% 5.22% $ 900 $ 208,000 17.5% of rental value* 40% of rental value 5%* 5%* Income Tax Income Tax 20%*
138 Nigeria Lagos 0.51 15.51 285.70% 25.55% $ 2,600 $ 9,000 0.132% 0.132% 15% 15% 10% 10% 10%
139 Spain Barcelona 0.5 13.66 84.28% 4.12% $ 1,900 $ 54,000 0.75%* 1%* 10% 10% Income Tax Income Tax 0*
140 Belgium Brussels 0.5 6.11 35.81% 5.44% $ 1,900 $ 39,000 1.62% of Rental Income * 1.62% of Rental Income * 12.50% 12.50% Income Tax* Income Tax* 0
141 Spain Madrid 0.5 12.77 79.52% 4.01% $ 2,100 $ 623,000 0.51%* 0.985%* 6% 6% Income Tax Income Tax 0*
142 Australia Melbourne 0.5 8.94 61.29% 4.05% $ 2,500 $ 746,000 0.6665%* 1.1211%* 5.50% 5.50% Income Tax Income Tax 0
143 Austria Vienna 0.5 12.84 79.46% 2.62% $ 2,000 $ 919,000 0.60% 1.20% 3.50% 3.50% Income Tax* Income Tax* 0
144 France Nice 0.49 13.95 80.40% 3.03% $ 2,300 $ 813,000 25.54% of rental valuation* 35.54% of rental valuation* 5.81% 5.81% 27.57% 27.57% 0
145 New Zealand Auckland 0.48 11.08 78.99% 3.67% $ 2,400 $ 74,000 $350+ 0.25%* $400+ 0.694%* 0* Capital gains are taxed at 28% Income Tax Income Tax 0
146 China Changsha 0.48 14.21 110.92% 2.90% $ 700 $ 258,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
147 China Shenyang 0.48 13.69 109.66% 2.37% $ 600 $ 275,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
148 Canada Toronto 0.48 12.29 82.18% 3.88% $ 2,700 $ 898,000 0.661% 2.55% 2.00% 2.00% Income Tax Income Tax 0
149 Ethiopia Addis Ababa 0.46 24.28 413.64% 9.22% $ 1,400 $ 134,000 5$ 5% 6% 6% Income Tax Income Tax 15%
150 China Chongqing 0.46 13.57 110.50% 1.99% $ 500 $ 344,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
151 USA Miami 0.46 5.77 42.19% 8.72% $ 3,600 $ 480,000 1.28% 1.35% 6.00% 6.45% Income Tax Income Tax 20%
152 China Ningbo 0.46 17.33 130.71% 1.44% $ 700 $ 497,000 1.2%* 4%* 0* 5%* Income Tax* Income Tax* 30%*
153 South Africa Cape Town 0.45 7 77.47% 6.82% $ 1,500 $ 248,000 0.6397% 1.2795% 11%* 11%* Income Tax Income Tax 0*
154 Cuba La Havana 0.45 65.63 506.37% 18.88% $ 700 $ 62,000 2% 2% 4% 4% Income tax Income tax Income tax
155 China Wuxi 0.45 14.23 130.69% 2.08% $ 600 $ 357,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
156 Barbados Bridgetown 0.44 16.69 146.41% 1.69% $ 800 $ 632,000 12% of rental value 12% of rental value 8.0% 9.5% Income Tax Income Tax 15%
157 China Foshan 0.44 17.9 80.68% 1.78% $ 700 $ 418,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
158 China Chengdu 0.43 17.49 139.33% 2.00% $ 700 $ 387,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
159 Taiwan Taipei 0.43 31.43 186.57% 1.29% $ 1,600 $ 1,277,000 1.2%* 3%* 6.1%* 6.1%* Income Tax Income Tax 10%*
160 Australia Sydney 0.42 9.36 63.96% 4.45% $ 3,800 $ 1,006,000 0.9935%* 1.8712%* 4.05% 4.05% Income Tax Income Tax 0
161 Anguilla The Valley 0.39 4.32 56.26% 8.07% $ 1,600 $ 216,000 0.75% 0.75% 17.5%* 17.5%* $2500* $2500* 0
162 China Wuhan 0.39 22.41 175.70% 1.68% $ 700 $ 448,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
163 China Qingdao 0.36 22.72 184.97% 1.88% $ 1,000 $ 550,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
164 China Beijing 0.35 41.55 336.75% 1.65% $ 2,400 $ 149,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
165 China Suzhou 0.35 21.74 176.53% 1.82% $ 1,000 $ 602,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
166 Iran Tehran 0.35 46.06 1004.92% 4.64% $ 1,600 $ 364,000 0.2%*` 0.5%* 5% 5% Income Tax Income Tax 0
167 Germany Frankfurt 0.34 9.68 58.37% 3.38% $ 2,500 $ 850,000 1.75% 1.75% 6% 6% Income Tax Income Tax 12%*
168 China Hangzhou 0.34 26.57 208.56% 1.63% $ 1,200 $ 793,000 1.2%* 4%* 0* 5%* Income Tax* Income Tax* 30%*
169 Argentina Buenos Aires 0.32 26.87 1223.29% 2.08% $ 500 $ 28,000 0.95%* 0.95%* 5.30% 5.30% 35% 35% 0
170 USA San Francisco 0.32 7.3 51.87% 5.06% $ 6,300 $ 1,484,000 1.180% 1.180% 0.86% 0.86% Income Tax Income Tax 20%
171 China Nanjing 0.3 25.94 208.04% 1.75% $ 1,200 $ 708,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
172 Trinidad and Tobago Port of Spain 0.3 10.83 95.83% 6.64% $ 1,200 $ 214,000 3.50% 5% 10% 10% 30% 30% 0
173 Japan Tokyo 0.3 15.4 88.07% 2.63% $ 3,100 $ 1,210,000 1.55%* 1.7%* 3% 4% Income Tax Income Tax 20%
174 India Mumbai 0.26 34.94 370.01% 2.39% $ 1,600 $ 657,000 38.67% of rental value 68.33% of rental value 10% 10% Income Tax Income Tax 0
175 Singapore Singapore 0.26 19.38 121.32% 2.40% $ 4,000 $ 1,993,000 16% of rental valuation 10% of rental Income Tax 5%* 3% Income Tax + 4.4%* Income Tax + 0.4% 0
176 Saint Kitts and Nevis Basseterre 0.25 12.5 164% 6.54% $ 2,100 $ 350,000 0.20% 0.30% 22%* 22%* 0 0 0
177 France Paris 0.25 21.18 120.51% 2.43% $ 3,400 $ 1,494,000 35.86% of Rental valuation* 45.86% of Rental valuation* 5.81% 6.41% 27.57% 27.57% 0
178 Comoros Moroni 0.24 41 587% 4.36% $ 200 $ 50,000 3000F 1% 15% 15% 15% 15% 20%
179 Germany Munich 0.24 16.43 96.74% 2.46% $ 2,800 $ 1,389,000 1.8725% 1.8725% 3.50% 3.50% Income Tax Income Tax 12%*
180 China Tianjin 0.24 32.93 262.97% 1.32% $ 1,100 $ 841,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
181 Luxembourg Luxembourg City 0.21 11.77 69.14% 3.30% $ 3,600 $ 1,275,000 1.75% of rental evaluation 7.5% of rental evaluation 10%* 11.8%* Income Tax Income Tax 0
182 Taiwan Taichung 0.2 20.37 122.46% 1.72% $ 900 $ 554,000 1.2%* 3%* 6.1%* 6.1%* Income Tax Income Tax 10%*
183 China Guangzhou 0.19 32.58 264.23% 1.46% $ 1,300 $ 1,023,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
184 UK London 0.17 15.71 102.24% 3.24% $ 4,300 $ 1,568,000 £1862.40 0.46% X £400/m2 10% 5% Income Tax Income Tax 0
185 USA New York 0.15 9.9 70.56% 4.72% $ 6,600 $ 1,631,000 1.925% 1.925% 2.82% 2.82% Income Tax Income Tax 20%
186 South Korea Seoul 0.1 29.02 200.39% 1.11% $ 2,300 $ 2,025,000 0.68% 0.68% 5% 5% Income Tax Income Tax 0
187 China Shanghai 0.04 36.62 288.45% 1.96% $ 2,900 $ 1,509,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
188 St Vincent and The Grenadines Kingstown 0 10 120% 8.25% $ 800 $ 100,000
189 China Shenzhen 0 47.23 379.46% 1.27% $ 1,700 $ 1,544,000 1.2%* 4%* 3%* 5%* Income Tax* Income Tax* 30%*
190 Syria Damascus -0.11 67.64 801.96% 4.14% $ 700 $ 183,000 50% of rental value 60% of rental value 25% 25% Income Tax Income Tax 15%
191 Cayman Islands George Town -0.15 17.3 145.18% 1.33% $ 4,700 $ 3,593,000 0 0 7.50% 7.50% 0 0 0
192 Monaco Monaco -1.76 62.23 387.28% 2.08% $ 21,800 $ 8,427,000 0 0 6.5% 7.5% 1% 1% 0

The information related to real estate other than tax was taken from Numbeo.com. https://www.numbeo.com/property-investment/

Tax information’s were taken from municipalities websites, or in rare cases from http://www.doingbusiness.org/rankings

Download Data to view source link for each entry.

The STC Real Estate Index is provided by Stephane Tajick Consulting.

Methodology

Data taken from Numbeo.com

The information was taken in the last week of December 2020.

Numbeo is a survey site where users can input data.

Price to Income Ratio is the basic measure for apartment purchase affordability (lower is better). It is generally calculated as the ratio of median apartment prices to median familial disposable income, xpressed as years of income (although variations are used also elsewhere). Our formula assumes and uses: net disposable family income, as defined as 1.5 * the average net salary (50% is the assumed percentage of women in the workforce) median apartment size is 90 square meters price per square meter (the formula uses) is the average price per square meter in the city center and outside of city center

Mortgage as Percentage of Income is the ratio of the actual monthly cost of the mortgage to take-home family income (lower is better).

Average monthly salary is used to estimate family income. It assumes 100 percent of the mortgage is taken on 20 years for the house(or apartment) of 90 square meters,in which price per square meter is the average of the price in the city center and outside of the city center.

Gross Rental Yield is the total yearly gross rent divided by the house price (expressed in percentages). Higher is better.

Rent 110m2 is the average monthly price of renting a 110-square-meter three-bedroom apartment in the city center.

Buy 100m2 is the average price per square meter to buy an apartment in the city centre.

Tax information

Tax information was taken during the month of February 2020 mostly from the municipalities’ websites. You can access each reference by downloading the data.

Property Tax Residential(Home)is the annual tax levied by the municipality of a home inhabited as a main residence. It will usually exclude water and electricity consumption, but generally include waste management. Some municipalities don’t levy property tax but might levy an income tax, or the central government might tax property as a wealth tax. The estimated tax is based on the price of a 110-square-meter residential property.

Property Tax Commercial is the annual tax levied by the municipality on commercial office space, usually defined as a financial service activity. Will usually exclude water & electricity consumption, but generally include waste management. Some municipality don’t levy property tax but might levy an income tax or central government might tax property as a wealth tax. The estimated tax is based on the price of 50m2 residential property or 1m USD.

Transfer Tax Residential Property also know as Stamp Duty, is the fee levied on the transfer of a home inhabited as a main residence after 5 years of holding. It includes bother buyers and seller fees. This includes fees paid to governing bodies as a tax, stamp duty and registration fees and excludes notary fees, agent fees and documents fees.

The estimated tax is based on the price of 110m2 residential property.

Transfer Tax Commercial Property also know as Stamp Duty, is the fee levied on the transfer of a commercial office space after 5 years of holding. It includes bother buyers and seller fees. This includes fees paid to governing bodies as a tax, stamp duty and registration fees and excludes notary fees, agent fees and documents fees. The estimated tax is based on the price of 50m2 residential property or 1m USD.

Rental Income Tax on Residential Property is the taxlevied of the annual income made from leasing a residential property as an individual. The amount generally does not include deductible. For those described as “Income tax” you will need to refer to our Taxation Index. Rental Income Tax on Commercial Property is the taxlevied of the annual income made from leasing a commercial property as an individual. The amount generally does not include deductible. For those described as “Income tax” you will need to refer to our Taxation Index.

Capital Gain Tax on Main Residence is the tax on the gains made on the sale from the one’s main residence after 5 years of holding. Does not include deductibles.