HK Is Most Expensive Place In The World For Expats

A survey has found Hong Kong to be the most expensive place in the world for expatriates, despite a drop in rents during the pandemic.

According to research carried out by ECA International – which helps companies move their employees abroad – the average monthly rent for an unfurnished three-bedroom flat in an area "commonly inhabited by international executives" costs more than HK$83,000, or US$10,769.

Although this is a drop of 5.95 percent from 2020, the survey found that the massive sum surpasses average monthly rents in mid-market areas in other cities such as Tokyo (US$9,000), Shanghai (US$5,000), and Singapore (US$4,200)

The survey attributed the drop in rent prices to the effect of the pandemic limiting the number of overseas workers moving to Hong Kong.

It said this lessened the demand for accommodation in "top-tier areas" where expatriates like to live.

ECA International also said socio-political tensions, coupled with a rising unemployment level, also resulted in lower demand for high-end accommodation.