Wednesday, February 23, 2011

TOKYO RENTS ARE WORLD'S MOST EXPENSIVE


Rents are on the rise in Asia spurred on by strong economic growth among most of its economies, according to the latest accommodation reports published by ECA International. Tokyo is the most expensive location globally for two-bedroom rental property. The Japanese capital is followed by Hong Kong (3rd in the global rankings), Singapore (5), Seoul (15) and Shanghai (24).
In Singapore, the recession along with a wave of new housing hitting the market prompted rental prices for an unfurnished two bedroom property to fall by approximately 17% in 2009, according to the report data. However, this pattern was reversed last year when rents rose 15% to US$2,810 a month. Singapore rose from 6th to 5th position in the overall ranking. 
"The rebound in Singapore has been driven by a general recovery in house prices along with increased demand," said Lee Quane, Regional Director, ECA Asia. "Assignee numbers are up again in Singapore following falls during the economic downturn. This has placed pressure on rental accommodation, particularly in areas popular with expatriates."
"Land in Hong Kong is already expensive due to the lack of space," said Quane. "Additionally, low interest rates, high liquidity in the market and a shortage of supply have contributed to pushing rents up."
In Karachi where a two-bedroom apartment is on average 17 times cheaper than in Tokyo.
More info from www.traveldailyasia.com

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