By Andrew Batt:
Rental prices for a high-end three bedroom condominium in Bangkok remained largely unchanged in 2012, with the city ranked as the 12th most expensive location in Asia according to a new report from ECA International.
Hong Kong was the most expensive city in the world to rent an unfurnished three-bed property, with prices in the most desirable areas reaching as much as US$11,500 per month.
Caracas in Venezuela, where a lack of suitable properties and high demand, was ranked in second place in the report, with New York, Tokyo and Moscow making up the top five most expensive locations.
In Asia, Singapore was the third most expensive location with Shanghai and Seoul in fourth and fifth place respectively. Jakarta was ranked 9th, ahead of Bangkok in 12th place, with Hanoi (13th), Ho Chi Minh City (14th) and Kuala Lumpur (16th).
Lee Quane, Regional Director Asia for ECA International, a HR solutions provider, said: “Asian locations dominate the list of the top 20 most expensive locations for rental property. With more and more companies setting up operations in the region, the need for the type of housing appropriate for international assignees has increased. Yet with an already limited supply of such properties in many countries here, demand significantly exceeds supply – putting upward pressure on rents.”
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
Recent stories you may have missed
Agents outraged at liars comments
Plans revealed for Thailand’s priciest condo
Bangkok to see more London property exhibitions
Third DDproperty show set for February
Good year predicted for Bangkok office sector
Get daily property news in Thai and English straight to your Inbox from Thailand’s number one property website. Subscribe today for free.