Hong Kong has world’s highest apartment rents: survey

SINGAPORE, April 16, 2008 (AFP) – Hong Kong has the world’s priciest apartment rents, with the lease for a three-bedroom unit costing more than 9,700 US dollars on average a month, a survey released Wednesday said. Singapore, which positions itself as a Southeast Asian business hub, saw Asia’s biggest year-on-year rental increase of more than 30 percent last year, the survey by human resources firm ECA International showed.

The survey covered 2007 and is based on lease prices for a three-bedroom apartment in popular expatriate areas, ECA International said.

Asian cities, led by Hong Kong, accounted for six out of the top 10 locations that have the world’s most expensive rentals for three-bedroom apartments, it said.

Other Asian cities in the top 10 global list are Mumbai which ranked sixth, Seoul seventh, Singapore ninth, and Ho Chi Minh City 10th.

Monthly rentals in Asia were on average 3,820 dollars, well above the global level of 2,950 dollars, said ECA International.

Globally, Moscow ranked second, followed by New York City, Tokyo, and London in fifth spot, said ECA International.

“A robust economy and increased demand for high-end accommodation have been instrumental in driving r