Hong Kong remains the most expensive location in the world for expatriate rent, with typical expat accommodation averaging $10,929 per month. This is an increase of 4.9% from last year, according to the latest annual research published by global mobility firm ECA International.
The firm explained: “Rents increased across Hong Kong during 2018 with limited availability, a long-term issue for the Hong Kong housing market, being the main driver. Rent increases are not just limited to central Hong Kong anymore either, with rents expected to rise throughout outlying neighbourhoods in 2019 too, as international firms seek more affordable office space and try to take advantage of cheaper suburbs.”
However, rental accommodation costs in China have dropped in global ranking. Chinese cities endured a mixed fortune throughout 2018 with major rent increases seen in some locations, but static or decreasing levels of rent in others. Shanghai was the highest placed Chinese city and the eighth most expensive city for expats to rent in globally, averaging $5,305 a month.
ECA International reported: “With a new property tax mooted to be introduced in Shanghai from 2020, many landlords are now choosing to sell their properties rather than continuing to rent them out. This has led to a reduction in the availability of rented accommodation, prompting some rent increases.”