Hong Kong tops Asia expat rental list

Bloomberg

Hong Kong retained its title as Asia’s most expensive rental city for expatriates, while Singapore fell further down the ranking due to a slower economy and fewer relocations, according to consultancy firm ECA International.
Hong Kong sat atop the list with an average price of $10,461 per month for an unfurnished, three-bedroom apartment in expatriate neighbourhoods, according to results from another ECA accommodation survey. Tokyo held onto the No. 2 spot. Singapore slipped one spot to eighth. “This is due to a slowing of economic growth and a net reduction in inbound assignments, exacerbating the surplus of higher-end properties on the market that would normally attract expatriates,” Lee Quane, a regional director for Asia with ECA, said. “This oversupply has reduced average rent levels in Singapore for the past three years.”