Hong Kong’s Rising Rents Make It The Third Most Expensive City

In recent times, real estate prices in Hong Kong have been soaring sky high. However, latest trends suggest that renting homes in Hong Kong has become even more expensive. A global survey of expatriate housing costs, studied 120 cities, using inputs from real estate and relocation agents, with special focus on areas that expats generally move to. The survey found that residential rates for Hong Kong’s expatriates rose by 22 percent last year. Effectively, that has made Hong Kong the third most costly rental market in the world.

If Hong Kong is third, Tokyo and Moscow come first and second. Yet, in 2010, Hong Kong had come in ninth on the same list. According to consulting firm ECA International, the main factor behind this jump in rents is the widespread rise in housing prices.

Currently, a two-bedroom apartment in Hong Kong will cost you about US$2,830 per month. And that is not the higher end of things. That is your average monthly figure. Tokyo, the most expensive rental destination, averages US$4,532 for a basic two-bedroom flat.

In the area of high-end real estate, Hong Kong is the second costliest rental destination for expatriates seeking two-bedroom apartments, coming in on the heels of Moscow. If you need a bigger home, think about it – three-bedroom luxury apartments in Hong Kong will cost you a whopping US$16,700 every month.

However, despite the costs (which continue to rise), companies are not likely to seek out cheaper pastures. The argument is that the other commercial capitals of Asia, like Tokyo and Singapore, are not too far behind on the rent scale either.

Via: Blogs.WSJ.com

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