What $500,000 Can Buy In The Three Least Affordable Housing Markets In The World [PHOTOS]

Half a million dollars sounds like a lot, but you'd be surprised how little you get for that price in these markets.

Hong Kong, Vancouver and Honolulu have the least affordable housing markets, according to nine nations that participated in the Demographia International Housing Affordability survey.

Nichola Saminather at Bloomberg broke down why the markets are so expensive.

According to the 10th annual report by the Belleville, an Illinois-based consulting company, homes in Vancouver cost 10.3 times the gross annual household income of the city and 9.4 times the income in Honolulu.

A reading of 5.1 or more is considered "severely unaffordable," according to Bloomberg, while anything below 3 is considered affordable. If that scale made Vancouver and Honolulu seem expensive, brace yourself for Hong Kong. It is by far the least affordable.

The median home price in Hong Kong is now 14.9 times the income. Last year, it was 13.5 times the income.

The surging prices in Hong Kong, Canada and Hawaii have raised concerns about bubbles in these markets. Especially in Hong Kong, where housing prices have doubled since 2009. Mortage rates there are at record lows and interest in Hong Kong from mainland Chinese have contributed to the dramatic increases.

Australia's historically low central bank rates are the primary cause for its spike in housing prices, according to Bloomberg.

Ireland was the most affordable country, with homes costing 2.8 times incomes. Rockford, Ill. was the most affordable city overall and Pittsburgh was the most affordable city with a population of 1 million or more.

Enough about the numbers — here's what $500,000 can buy you in each of the above markets.

Honolulu: If you thought $500,000 would get you a beachfront four-bedroom property in Honolulu, think again. Here is an 841 square-foot, high-rise condo listed at $498,000 ($592 per square foot). It's small, but nice. Although, how much time would you spend inside if you were a 17-minute walk to Wai'alae Beach and a 10-minute drive from Waikiki Beach?

Anyone interested in the property can view the listing here.

Vancouver: This apartment in downtown Vancouver is listed at $525,000 CAD ($469,229). It is a one-bedroom, one-bathroom within 868 square feet of space. The floors and kitchen are nice but the layout is a little non-traditional. However, in a small space, c'est la vie.

You can see the listing for the property, here.

Hong Kong: Here is a apartment in Hong Kong listed at HK$3,800,000 or $489,873 — under budget!

It is 330 square-foot, one-bedroom place with one bathroom in the popular Sheung Wan area of Hong Kong Island. That comes out to about $1,484 per square foot of space.

The company never responded to a photo request but you can view the listing, and the photos of the place, here.