Tokyo, Moscow have highest expat rents: survey
Baku, February 16 (AZERTAC). Tokyo`s rents are the highest in the world for expatriates followed by Moscow and Hong Kong, where prices surged 22 percent, the biggest yearly increase, according to a new survey.
Expats living in the Japanese metropolis paid an average $4,352 a month for a two-bedroom apartment last year, followed by Moscow at $3,500 and Hong Kong at $2,830, the annual report by human resources consultant ECA International said.
The surging value of the yen -- which struck a 15-year high against the US dollar in November -- helped push Tokyo to the top of the list, it said.
"Currency movements can have a big impact on costs for companies sending employees on assignment," said Lee Quane, the regional director of ECA Asia, based in Hong Kong.
"Tokyo is a case in point."
Rents in Moscow tumbled 25 percent in 2009 as foreign workers left the city during the global financial crisis, but now expats are returning to the Russian capital, the survey said.
"The return of expatriate demand to Moscow in 2010 and continually tight supply has led to price increases of approximately 17 percent in the city to $3,500 a month," it said.
Third-placed Hong Kong jumped six places in the survey of more than 120 major cities as rents surged 22 percent year-on-year, while London and Singapore were in fourth and fifth place respectively.
Caracas, Abu Dhabi, Bogota, San Francisco and Geneva rounded out the top 10 most expensive cities for expat rents.
Across Asia, rents for two-bedroom apartments rose about seven percent last year compared with a one percent average drop worldwide, as the region bounced back from the global financial meltdown.
"Two years ago we witnessed a drop in rental prices across Asia as a result of the recession," Quane said, adding that a "rapid economic recovery" has now boosted rents.
Rents in Shanghai and Beijing, ranked 24th and 25th globally, also rose last year after falling in 2009, while the southern industrial city of Shenzhen, ranked 114th, was the cheapest major city for expats living in China.
Other news in this section
