| Expat renters hit in Hong Kong |
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| Thursday, 24 May 2007 16:01 | |||
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 Hong Kong Island *Hong Kong has the highest rents for expat workers *Asia accounted for 50% of the top 10 expensive cities *Real estate: Check the latest property news The survey was carried out by international human resources consultancy ECA among relocation companies, real estate agents and foreign Altogether, Asia accounted for half of the top 10 most expensive cities for rental apartments for expatriates, while Nairobi was the world's cheapest. The survey was carried out by international human resources consultancy ECA among relocation companies, real estate agents and foreign workers, and took unfurnished three-bedroom apartments as a base as they were the most commonly rented by expatriates. In Hong Kong, such an apartment in an area popular with expatriates would fetch nearly $US8600 ($10,510) a month. That is by far more expensive than the average rental price for foreigners in Tokyo, which ranked the world's second on a little under $US7360 a month. Lack of space The high rental prices in Hong Kong are due to lack of space as well as an increasing demand for luxury developments as many financial firms strengthen their presence within the city, ECA said. After Hong Kong and Tokyo, the third most expensive city was New York, where a three-bedroom apartment for an expatriate costs an average $US7250 a month to rent, then Moscow, Seoul, London, Mumbai, Shanghai, Caracas and Paris. Nevertheless, Hong Kong's rental prices have fallen.
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