Call us today: +44 (0) 20 3551 6634
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."
Expatriate Healthcare specialise in providing international health insurance. Make sure you're protected.
© Expatriate Healthcare
Expatriate Group.Delmon House,36-38 Church Road,Burgess Hill,West Sussex,RH15 9AE
Registered Address.35 Ballards Lane,London,N3 1XW
Tel: +44 (0)20 3551 6634Fax: +44 (0)870 428 5141Email: email@example.com
Short Term Healthcare Insurance
Travel Medical Insurance One Way Travel Insurance Single Trip Travel Insurance Annual Multi-Trip Travel Insurance Non UK Resident Travel Insurance Business Travel Insurance
About Us Useful Links Leave a Review Our Awards The Press Room Satisfaction Survey Downloads Legal Notice Underwriters Hospital List
Emergency Assistance information Short-Term Healthcare Working Abroad Insurance Thailand Health Insurance Family & Friend Benefits
Register as an Intermediary Opportunities for Brokers
Expatriate Group & Expatriate Healthcare are trading styles of Strategic Insurance Services Limited who is authorised and regulated by the Financial Conduct Authority (FCA). FCA Firm reference Number is 307133. Strategic Insurance Services Limited is authorised to carry on Regulated Activities in accordance with the permissions granted by the FCA under PART IV of the Financial Services and Markets ACT 2000.