Photo: HerryLawford via Flicker
The cost of renting a luxury apartment in Hong Kong increased 15 per cent this year compared to last—giving Hong Kong the not-so-coveted title of being the most expensive in the world to rent high-end residential property.Renting an unfurnished three-bedroom apartment in Hong Kong costs an average of $11,813 per month, according to the data from ECA International, a global consulting firm.
Tokyo placed a distant second, with apartments costing an average of $9,445 per month.
The high price of real estate in Hong Kong is due an increase in demand and the high population-per-square-foot ratio, according to the Wall Street Journal. To put those astronomical prices into context, $11,813 a month is more than five times the average Hong Konger’s salary.
But apartments in the high-end neighborhoods of Hong Kong and elsewhere are increasingly sought out by expatriates moving in for jobs.
Want to see how rents for luxury apartments compare to rents for similar apartments in other cities?
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