For residents suffering through a New York winter, or commuting on the tube in London, Hong Kong seems glamorous — walking down the streets in skyscrapers-filled Central, partying in nightlife hotspot Lan Kwai Fong or getting a tan beside scenic Repulse Bay — if only you could afford living there.
Unfortunately for those dreaming of living like a Taipan in the exotic east, Hong Kong is the most expensive place for expatriates to rent a home in Asia — again. It takes an average $10,461 per month to secure an unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Hong Kong, according to a report from ECA International, a management consultancy. The price of Hong Kong is $2,000 more than the next most expensive location, Tokyo, which commonly costs expats $8,300 to take up a similar space.
Shanghai Now Asia’s Third Priciest Place for Expat Homes
The Asian financial hub with more than seven million residents continues to take up the crown of the priciest place to live for expats as it did for the previous seven years in a row. Hong Kong’s long-time regional rival, Singapore dropped to eighth this year from seventh on the list last year with an average rent of $4,300 per month. China’s biggest city Shanghai, which costs foreign tenants $5,300 a month, rose from fifth place last year to third place in this year’s survey.
“With a high population density and a consistently limited supply of property, the average rent in Hong Kong continues to remain more expensive than in other high-profile Asian cities,” said Lee Quane, Regional Director at ECA International in a statement. Quane added that the current rental level of their featured accommodation type in Hong Kong remains lower than they were in 2012.