A view of new high-rise apartment buildings next to older small homes in the southern Israeli city of Ashdod on Sept. 2, 2019. Photo by Gershon Elinson/Flash90.

(JNS) – Israeli housing is the second most expensive in the world, a new study concludes.

According to the study, conducted by Australia’s price-comparison website CompareTheMarket, the average Israeli household spends the equivalent of 26.6 percent of its annual disposable income on each square meter (10.8 square feet) of housing space.

The only country with less affordable housing is South Korea, the study notes, with each square meter (10.8 square feet) of housing space costing the equivalent of 39.6 percent of the average household’s annual disposable income.

Switzerland ranks third in the study, followed by Luxembourg, Japan, France, New Zealand, the United Kingdom and the Czech Republic.

The top three most affordable countries in the study are Turkey, the United States and Russia, followed by South Africa, Mexico, Lithuania and Brazil.