Hong Kong way ahead of Singapore, topping Asia expat rental list

HONG KONG (Jan 17): 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 US$10,461 ($13,811) per month for an unfurnished, three-bedroom apartment in expatriate neighborhoods, according to results from ECA’s September 2017 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 in a Tuesday release on Singapore’s cost decline. “This oversupply has reduced average rent levels in Singapore for the past three years.”

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