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Singapore falls to 8th in Asia expat rental ranking; Hong Kong is most expensive

Public and private housing developments near Singapore’s Orchard Road shopping district. Rents for expatriates in Singapore fell due to a slower economy and fewer relocations, according to ECA International. (Photo: Getty Images)
Public and private housing developments near Singapore’s Orchard Road shopping district. Rents for expatriates in Singapore fell due to a slower economy and fewer relocations, according to ECA International. (Photo: Getty Images)

By Eric Lam

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 $10,461 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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Rents in many cities in China were on the rise. Shanghai was the most expensive city in the country, and Asia’s third most-costly, according to ECA.

Here are the Top 10:

Asia’s most expensive rentals according to ECA International survey for 2017. (Source: Bloomberg)
Asia’s most expensive rentals according to ECA International survey for 2017. (Source: Bloomberg)

To contact the reporter on this story: Eric Lam in Hong Kong at elam87@bloomberg.net

To contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net; Fion Li, Jeffrey Black

© 2018 Bloomberg L.P