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.