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Singapore has continued to slip down the list of the most expensive location for rental accommodation in Asia as it settled in the eighth place, down one notch from last year, revealed a survey by ECA International.
Notably, the city-state was ranked fourth in 2016.
Lee Quane, ECA International’s regional director for Asia, attributed the drop in ranking 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”.
He noted that this oversupply has reduced average rent levels in Singapore for the last three years.
Meanwhile, Hong Kong has once again emerged as the most expensive location in Asia for mid-market home rental.
The survey revealed that rental prices for an “unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Hong Kong averaged at US$10,461 per month”.
Tokyo came in second, followed by Shanghai, Seoul, Mumbai, Beijing and Yokohama, rounding up the top ten list with Osaka and Metro Manila.
This article was edited by Keshia Faculin.