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The world's most unaffordable housing markets

CNBC Logo By Matt Clinch of CNBC | Slide 1 of 11: A man walks past real estate signs showing sold properties in Madrid September 8, 2014. House prices in Spain rose by 0.8 percent year-on-year in the second quarter of 2014, compared with a 1.6 percent fall in the first quarter, the first annual rise in six years, data from the National Statistics Institute (INE) showed on Monday. REUTERS/Susana Vera (SPAIN - Tags: SOCIETY REAL ESTATE BUSINESS) - RTR45E99

The world's most unaffordable housing markets

Forever a hot topic at many a dinner party, house prices have received much attention over recent years. Seen as the spark for the global financial crash of 2008, the issue is now back on the agenda with property prices hitting pre-crisis peaks.

The Basel-based Bank of International Settlements (BIS)—known as the central bank of central banks—is one organization that is keeping an eye on the situation.

In its latest quarterly report, it produced comparable cross-country data on residential property prices for 55 countries, measured using price-to-income ratios and how they differ from their historical norm. 

CNBC counts down the 10 most unaffordable housing markets in the world. Spoiler alert: the U.S. doesn't make the list.

© Susana Vera/Reuters
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