Hong Kong continues to be the most expensive place for expatriates in terms of the rental accommodation, according to ECA’s accommodation report. The average monthly rent of a mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Hong Kong is US$10,929, a nearly 5% rise from last year.
“Rent increases are not just limited to central Hong Kong anymore either, with rents expected to rise throughout outlying neighbourhoods in 2019, as international firms seek more affordable office space and try to take advantage of cheaper suburbs,” said Lee Quane, regional director of Asia at ECA International.
Meanwhile, due to an increase in tourism and the trend of short-term leases, rental costs in Tokyo rose by 6.9%.
In Singapore, rental prices have continued to fall for expatriates, with the average monthly rent now US$4,215.
“Reductions in the population of non-residents in Singapore, a key driver of rental demand, has led to further drops in rental prices for expatriates,” Quane said.
“Recent announcements in the Singapore budget have further limited the proportion of foreign workers that companies can employ to 35% by 2021, meaning this downward trend in rents is expected to continue.”