For the first time, Bangkok has the dubious distinction of being among Asia’s top 10 most expensive locations for expatriates.
A rise in average rental prices this year caused by an influx of expats from China and an increase in tourism traffic have hit expatriates and put the city in 10th place on the annual list, with an average US$3,880 (Bt122,757) monthly rental cost for an unfurnished three-bedroom apartment.
The findings were researched and published by 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 MNCs,” 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 expatriates in Singapore have dropped by 1.3 per to an average of US$4,215 (Bt130,509) 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 expatriate rents globally. Hong Kong is the most expensive location in the world, with an average monthly rental cost of US $10,929 (Bt345,777).
Globally, New York and Tokyo are in second and third place respectively.