Rental rates for a high-end unfurnished three-bedroom apartment in Bangkok are the 12th most expensive in the region and 51st globally following a 2 percent rise last year, according to new research from ECA International.
At US$3,130 per month, rents in Bangkok are some 44 percent cheaper than similar properties in Singapore, and a little over a quarter of those in Hong Kong – the most expensive city globally.
Elsewhere in Southeast Asia, Singapore remains the third most expensive city in Asia to rent a high-end three-bedroom apartment according to ECA International, a provider of knowledge, information and technology for the management and assignment of employees around the world.
Rents for an unfurnished three-bedroom apartment in sought-after areas, average US$5,630 per month. The nation is also ranked among the top 10 most expensive rentals in the world, occupying seventh position – up from last year’s eighth position and ninth place that it commanded the year before that.
“Ongoing demand for high-end properties saw rental prices in Singapore rise by around 4 percent over the year,” said Lee Quane, Regional Director of ECA International, Asia.
“This is up from the 3 percent increases seen both last year and the year before that, cementing the city’s position among some of the most expensive locations for renting in the world.”
However, rental prices for a high-end three-bedroom apartment in Singapore are still around just half that of renting an equivalent property in Hong Kong.
Despite rents there falling for the second consecutive year, Hong Kong remains the most expensive location in the world to rent a high-end three-bedroom apartment. Rents for an unfurnished three-bedroom apartment in a sought-after area of Hong Kong average US$11,440 per month – 1 percent less than last year and 3.5 percent down from the previous year.
The largest rent increases in Asia were observed in Jakarta, which is now ranked eighth in Asia and 30th globally. The cost of renting a three-bedroom apartment rose by 15 percent, driven by Indonesia’s continued strong economic performance and increasing demand from expatriates. This has put pressure on the supply of suitable housing, pushing up prices.
Kuala Lumpur ranks 16th in the region and 103rd globally. Rental prices there increased 7 percent over the year. Karachi has the lowest rents for three-bedroom apartments globally.
To assist companies with their accommodation policies and deciding what level of housing allowances to provide to international employees, ECA International publishes annual accommodation reports for more than 180 locations. These reports contain information on the types of accommodation and areas usually favoured by international assignees – typically areas near to international schools, embassies or social focal points.
Rental prices were collected in September 2013 and have been converted into US dollars for ease of comparison using September 2013 exchange rates.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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