May 22 2007
Hong Kong’s high-end apartments are the world’s most expensive to rent, followed by Tokyo and New York, reflecting high living costs in those cities, a survey on expatriate accommodation which compared rental prices in 92 locations worldwide.
An executive three-bedroom apartment in Hong Kong costs more than $8,500 a month to rent, according to the survey by human resources consultancy ECA International, based in the United Kingdom. Rents for typical expatriate apartments in Hong Kong rose an average 10 percent last year and 15 percent in 2005, thanks to the Chinese territory’s robust economic growth, said Lee Quane, general manager of ECA International Hong Kong.
As comparison, Tokyo rents for expatriates averaged $7,358 while in New York, they were $7,249. Moscow was ranked fourth most expensive at $6,526, followed by Seoul, London, Mumbai and Shanghai, the survey found. The Venezuelan capital of Caracas was ranked ninth as expatriates there need to live in high-security compounds for safety reasons while Paris was 10th.The cheapest location of the 92 cities was Nairobi, Kenya, where a three-bedroom apartment cost about $1,000 a month. So you understand now why Hong Kong has the most Rolls-Royce cars in the world despite it’s tiny size and small population? Where do you think Malaysia ranks?
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May 22nd, 2007 by financetwitter
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