This article is from the Australian Property Journal archive
HONG Kong has beaten Moscow and New York to claim the title of the world's most expensive apartment rents in expatriate areas, according to 92 global cities survey.
According to a survey by ECA International, a three-bedroom apartment in Hong Kong costs more than $US9,734 a month, more than double Asia’s average.
ECA International’s general manager in Hong Kong Lee Quane said a robust economy and increased demand for high-end accommodation have been instrumental in driving rental prices up.
“Particularly in the financial services industry, people are moving into Hong Kong so, in spite of its relative high cost, it still remains one of the prime locations for foreign companies to establish themselves,” he added.
In addition to Hong Kong, other Asian cities accounted for six out of the top 10 most cities.
Singapore recorded the highest annual growth in Asia, rents rising more than 30%.
A three-bedroom apartment in Singapore rented for $US4,460 a month in 2007, compared with $US3,364 in 2006.
Other Asian cities in the top 10 list are Mumbai at sixth, Seoul at seventh, Singapore at ninth, and Ho Chi Minh City at 10th.
Meanwhile, monthly rentals in Asia were average $US3,820 – which is well above the global level of $US2,950.
Globally, the survey also found Moscow was ranked second, followed by New York City, Tokyo, and London.
Australian Property Journal
