Bangkok has, for the first time, made it into the list of Asia’s top 10 most expensive locations for expats.
A rise in average rental prices this year caused by an influx of expats from China and an increase in tourism traffic have hit expats and put the city in 10th place on the annual list, with an average US$3,880 (122,757 baht) monthly rental cost for an unfurnished three-bedroom apartment.
The finding are from ECA International, a leading provider of knowledge, information and software for the management and assignment of employees around the world.
“Increases in rents reflect a continuation in foreign investment in Thailand. Thailand remains a popular regional destination for many multinational corporations,” said Lee Quane, regional director for Asia at ECA International.
“However, they have been joined by newly globalising companies from China, which has led to a higher demand for rental accommodation from an expatriate population that typically rents in a relatively small geographical area in central Bangkok.
“Furthermore, the growth in tourism in Bangkok has also had an impact on rental prices, given the increase in the number of properties being converted from long-term to short-term rental to cater to this demand.”
Rental prices for expats in Singapore have dropped by 1.3% to an average of US$4,215 (130,509 baht) per month.
Singapore remains in Asia’s top 10 most expensive locations for expatriate rents, and is in the top 25 most expensive locations for expats rents globally.
Hong Kong is the most expensive location in the world, with an average monthly rental cost of US $10,929 (345,777 baht).
Globally, New York and Tokyo are in second and third place respectively.
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