HONG Kong has the world's most costly apartment rents, and Asia has six cities in the top 10 as the region's surging economies bolster demand from locals and foreigners, according to a survey by ECA International.
A three-bedroom flat in Asia costs an average of US$3,820 a month in rent, beating the global average of US$2,950, according to the London-based human resources adviser, which surveyed 92 locations worldwide to guide multinational clients seeking to provide accommodation for expatriate workers.
"A robust economy and increased demand for high-end accommodation have been instrumental in driving rental prices up" in Asia, Lee Quane, general manager of ECA in Hong Kong, said in an e-mailed press release obtained by Bloomberg News.
Hong Kong remains the most expensive to rent for the second consecutive year, with the average three-bedroom apartment in the special administrative region's most popular expatriate area costing about US$9,734 a month, up from US$8,592 a year earlier.
The city's home prices are rising as salary gains stoke consumer confidence. Initial share sales and record prices on Hong Kong's stock market last year also fueled the home-buying power of financial professionals.
Moscow was second with average rents about 15 percent lower than Hong Kong's, the survey said. New York and Tokyo came third and fourth, respectively. Other Asian cities making the top 10 include sixth-placed Mumbai, which was followed by Seoul. Singapore was ninth and Ho Chi Minh City ranked 10th. London was fifth, and Caracas rounded out the list.