Hong Kong tops list of most expensive cities for renting

The most expensive city in the world for expatriates to rent property in is Hong Kong, according to a new study.

ECA International found that the average cost for an unfurnished three-bedroom flat in the most popular areas of the city is around HK$90,000 (£6,930) per month.

When collating the data, researchers took the rental cost of similar apartments into account in cities all over the globe, being sure to focus on areas where expats like to live.

In Hong Kong, these areas are the Peak, Discovery Bay and Sha Tin, but working out where they are in other places is not difficult.

The city topped the list by miles, as its prices were found to be 20 per cent more than Moscow, which came in at second on the list.

Surprisingly, the rental price of flats in Hong Kong is dropping with a one per cent fall over the course of this year and a two to three per cent decrease the year before.

Lee Quane, Asia regional director at ECA International, said this fall is likely a result of measures set out by the government to slow property price inflation, which has in turn seen more owners rent as opposed to sell their flats.

Looking at the data overall shows that average rents for luxury apartments globally rose by two per cent, while those in Asia were down one per cent.

Currency movement against the US dollar saw the biggest falls in Tokyo and Mumbai, where they dropped by 15 per cent.

Mr Quane highlighted the importance of research into rental prices, as accommodation is a large factor in remuneration packages for potential expats.

He said: "Depending on how companies provide housing or allowances to their expatriates, major currency movements can have a big impact on costs. Companies need to consider this carefully when designing their expatriate housing policy and packages."

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