Hong Kong has the most expensive high-end rental accommodation in Asia: ECA

But average rental costs have fallen around 13% since 2012.

Hong Kong remains the most expensive location in Asia for high-end rental accommodation. This was one of the findings of the latest Accommodation Survey published by ECA International, the world's leading provider of knowledge, information and software for the management and assignment of employees around the world.

ECA International has been conducting research into accommodation for more than 20 years to help companies provide the right housing options as part of the overall compensation package for mobile employees. The survey compares rental accommodation commonly leased by expatriate staff in over 230 locations worldwide.

“Over the past five years, Hong Kong has continued to top our regional rankings. With a high population density and a consistently limited supply of property, average rents in the territory have long been more expensive than in other high-profile cities,” said Lee Quane, Regional Director – Asia, ECA International.

Rents for an unfurnished three-bedroom apartment across popular expatriate neighbourhoods in Hong Kong average US$10,189 per month.

“Despite high rental prices in Hong Kong, average rental costs here have fallen by around 13 per cent since 2012. Over this period, the residential rental market has been facing downward pressure as many homeowners are leasing out their properties rather than selling them. On the demand side, factors such as companies reducing the levels of assistance provided to assignees and the conversion of assignees to permanent terms, where company assistance in meeting housing costs is reduced or removed, has also meant that landlords with properties in the areas popular with expatriates are having to reconsider the rents they demand,” said Quane.