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Discussion Starter · #1 · (Edited)
Hong Kong expat apartment rents world's most expensive: survey
22 May 2007



SINGAPORE (AP) - 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 showed Tuesday.

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.

The gap between Hong Kong and other cities was widening, he added.

The survey compared rental prices in 92 locations worldwide, the firm said in a statement.

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, Quane said. Paris was 10th.

The cheapest location of the 92 cities was Nairobi, Kenya, where a three-bedroom apartment cost about $1,000 a month, the survey said.
 

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Hong Kong is a mecca of pricey condos--- normally wealthy expatriates need a flat (3 bedrooms, 1000 sq.ft., excellent location) costs at least HKD $50K per month.

The figure correlates well with the rents in high-end apartments, e.g. The Waterfront, Sorrento, Victoria Towers, Grand Promenade, Tregunter, etc. rather than those in middle-class neighbourhoods.
 

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Discussion Starter · #8 ·
Costs for housing expat staff go through roof
The Standard
Wednesday, February 16, 2011

Foreign firms may think twice before setting up office in Hong Kong as housing costs for their staff have soared 22 percent - the third highest in the world behind Tokyo and Moscow.

An average two-bedroom flat for employees brought in from overseas costs about US$2,830 (HK$22,074) a month in Hong Kong, said human resources consultancy firm ECA International, adding that globally rents fell 1 percent last year.

"The strong rebound from recession in Hong Kong supported growth in rents," said regional director Lee Quane. "Limited supply also makes accommodation more expensive." Although average rents are 35 percent cheaper than in Tokyo, Hong Kong's luxury flats are more expensive.

The rent for a three-bedroom apartment in Mid-Levels is US$16,700 per month - 30 percent higher than a similar flat in Tokyo.

Mainland major cities did not make the top 20, but rents are going up in Shanghai (24), Beijing (45), Guangzhou (93), Suzhou (113) and Shenzhen (114). The average rent in Tokyo for a two-bedroom home - the most common unit chosen by international firms - rose 2 percent and averaged US$4,352. Moscow rents jumped 17 percent. Singapore, which moved up one place to fifth, had an average rent of US$2,810, up 15 percent. London, in fourth, saw rents rise 4 percent.

"If the Singapore dollar gets stronger, it may move ahead of Hong Kong," Quane said.

More than 120 cities and 1,500 firms were surveyed to find out housing costs for staff sent by their companies to offices outside their home base.
 
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