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Growing numbers of expats are expected to follow the lead of major financial services firms and move out of Hong Kong's central business district.
For several years, the bustling centre of the former British colony has held the honour of being the most expensive place on the planet in terms of office space, with top-end residential accommodation also among the most expensive in the world.
However, according to the latest figures from the property sector research firm DTZ, London has now overtaken Hong Kong, largely due to the fact that big businesses are choosing to move away from the expensive central business district and instead locate their premises in cheaper areas such as Kowloon East and Hysan Place.
Notably, according to the Telegraph, such a development could benefit expat professionals, giving them the chance to follow their employers out of the centre and buy or rent property in more affordable parts of Hong Kong while also being within easy distance of the attractions of the city centre.
"This could be a boon for expats struggling with their own high rental costs of living in or around the CBD. With businesses relocating outside the pricey CBD, expats are likely to adopt similar tactics and move to cheaper accommodation away from the central district," the newspaper notes.
For those professionals whose employers continue to base themselves in the heart of the business hub, rental prices on top-end accommodation remain some of the highest in the world, ahead of similar residences in Beijing and Shanghai.
At the same time, however, Hong Kong continues to offer excellent career opportunities – and therefore excellent earning potential – to the top talent, especially those working in the financial services industry.
Meanwhile, the Economist Intelligence Unit (EIU) has named Hong Kong one of the top 20 cities in the world in which to live.
According to the EIU's latest World Cost of Living report, Tokyo is currently the costliest place for an expat to live, with the Asian cities of Singapore and Osaka also more expensive than Hong Kong.
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