A report from ECA International has once again ranked Hong Kong as the most expensive city to rent a luxury apartment. The price of a high-end three-bedroom apartment in Hong Kong cost an average of US$11,444 per month, almost US$2,000 more than the second most-expensive city, Moscow.
Hong Kong has remained on top of the list despite a second year of stagnating rents due to government measures aimed at cooling off the rental market, which have caused landlords to increase the supply and add rental listings. Also, hiring and salaries have not seen much growth.
The cities that saw the biggest price jump in 2013 were Caracas, Venezuela and Dubai, UAE. In Venezuela, runaway inflation has kept the cost of building materials prohibitively expensive, which has decreased the supply of new luxury apartments. In 2013, Dubai saw price gains of 32% due to the recovering economy and a steadily increasing number of expatriates entering the country.
Shanghai and Beijing also placed within the top 20 with Shanghai placing 9th (US$5,124/month) and Beijing placing 17th (US$4,509/month).
Image source: reto fetz