COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Hong Kong remains Asia's priciest location for expat rental housing

Average rents cost $81,000 monthly.

Hong Kong is still the priciest location for expat rental accommodation in Asia, according to the findings of the latest research published by ECA International.

Rental prices for an unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives average a whopping $81,853 (US$10,461) monthly. 

“With a high population density and a consistently limited supply of property, the average rent in Hong Kong continues to remain more expensive than in other high-profile Asian cities,” said ECA International Asia regional director Lee Quane.

Even though rents have grown 4% on average in Tokyo, it failed to unseat Hong Kong from the top place as rental costs for high-end apartments in the Japanese capital averages $62,600 (US$8,000) monthly.

Shanghai zooms to third place after posting around $39,100 (US$5,000) monthly rent, closely followed by Seoul, Mumbai and Beijing. 

On the other hand, Singapore slips to eighth place from seventh last year amidst unfavourable business conditions which include slowing economic growth and a net reduction in inbound expatriate assignments.

Osaka and Manila complete the top ten list. 

In general, the report notes that costs of rental accommodation in Asian cities have risen in the past 12 months, with declines evident only in a handful of locations, such as Ho Chi Minh, Jakarta and Yangon.

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