Hong Kong way ahead of Singapore, topping Asia expat rental list


This photo taken on September 8, 2017 shows The Centre skyscraper (centre L), located in the city's bustling Central district of Hong Kong. A landmark skyscraper owned by Hong Kong's richest man Li Ka-shing has sold for a record of more than 5 billion USD, according to a report on October 16, indicating that the city's booming property sector shows no sign of slowing down. / AFP PHOTO / ANTHONY WALLACE

HONG KONG: Hong Kong retained its title as Asia’s most expensive rental city for expatriates, while Singapore fell further down the ranking due to a slower economy and fewer relocations, according to consultancy firm ECA International.

Hong Kong sat atop the list with an average price of $10,461 per month for an unfurnished, three-bedroom apartment in expatriate neighborhoods, according to results from ECA’s September 2017 accommodation survey. Tokyo held onto the No. 2 spot. Singapore slipped one spot to eighth.

“This is due to a slowing of economic growth and a net reduction in inbound assignments, exacerbating the surplus of higher-end properties on the market that would normally attract expatriates,” Lee Quane, a regional director for Asia with ECA, said in a Tuesday release on Singapore’s cost decline. 

“This oversupply has reduced  average rent levels in Singapore for the past three years.”

Rents in many cities in China were on the rise. Shanghai was the most expensive city in the country, and Asia’s third most-costly, according to ECA. - Bloomberg

Here’s the top 10:
1. Hong Kong
2. Tokyo
3. Shanghai
4. Seoul
5. Mumbai
6. Beijing
7. Yokohama
8 Singapore
9. Osaka
10. Metro-Manila
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Business News

Apple sees revenue growth accelerating after setting record for iPhone sales, China strength
ANALYSIS-Chinese retail banks gain consumer lending clout as fintechs fall out of favour
EXPLAINER-How retail traders squeezed Wall Street for bets against GameStop
Oil prices end mixed, despite big U.S. crude stock drawdown
Fed still in crisis-fighting mode as recovery appears to moderate
GLOBAL MARKETS-Stocks tumble on recovery fears, US$ climbs
Ringgit set to shine this year
Bonds in India head for losses with near-record debt sales seen
Digi net profit for FY20 at RM1.22bil
Petronas stays as most valuable Asean brand

Stories You'll Enjoy


-->