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