ECA International, the world’s leading provider of knowledge, information and software for the management and assignment of employees around the world, has announced the most expensive locations in the world for expatriate rent.
Hong Kong remains the most expensive location in the world for expatriate rent, with typical expat accommodation averaging US$10,929 per month.
Rental prices for an unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Hong Kong average US$10,929 per month – an increase of 4.9% from last year.
“Rents increased across Hong Kong during 2018 with limited availability of suitable accommodation, a long-term issue for the Hong Kong housing market, being the main driver” said Lee Quane, Regional Director – Asia at ECA International. “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.”
ECA International has been conducting research into accommodation costs for international executives for more than 20 years to help companies provide the right housing options as part of the overall compensation package for mobile employees. The research compares rental costs in accommodation in areas typically inhabited by expatriate staff in over 320 locations worldwide.
New York remains the second most expensive city in the world for overseas workers to rent in, and by far the most expensive location in the Americas. However, rental costs have dropped by over US4,250 since last year, as demand dropped slightly.
Tokyo is the third most expensive city in the world for expats. Rental costs in Tokyo have risen at a quicker rate than Hong Kong, with typical expat accommodation now averaging US$8,668 per month. This rise of 6.9% makes Tokyo the second most expensive Asian location in ECA’s survey.
London maintains its position in the top five most expensive for rental accommodation in the world (4th). Rent in London is the most expensive in Europe for expats, averaging US$7,189 (GBP 5,187) per month for a three-bed home. The average rent in outer London is on the rise at US$5,543 (GBP 4,000) per month, whereas the average rent in central London has fallen to US$9,701 (GBP 7,000) for a three-bedroom apartment.
