The decline of Bangkok reflects the severe impact of the Covid-19 pandemic on the rental market in the tourism-reliant Thai economy, according to ECA’s latest survey.
Hanoi saw a similar drop of 12 places to 81st place, based on an analysis of data gathered in September 2020.
The survey uses average rental prices for a three-bedroom apartment in the mid-range of the expatriate market.
ECA International has been conducting research into accommodation costs for international executives for more than 20 years to help companies provide the right housing options as part of the overall compensation package for mobile employees. The research compares rental costs in accommodation in areas typically inhabited by expatriate staff in over 360 locations worldwide.
Hong Kong has been named the most expensive location in the world for expat accommodation for a fourth year in a row but still saw rental costs drop considerably due to the effects of Covid-19.
- Hong Kong retains its position as the most expensive accommodation for overseas workers, despite a drop of over 5% in rental costs from last year.
- The impact of Covid-19 on business travel and overseas assignments causes monthly rents to drop by an average of USD 549 to USD 10 769 (HKD 83 466).
- Taipei climbs twenty places in the latest rankings, while tourism hubs such as Bangkok and Hanoi fall.
- New York and Tokyo remain in second and third position in the rankings respectively.
“Rental prices have dropped in many locations across Asia over the past year, but this has been especially notable in locations which are heavily reliant on overseas visitors and residents, such as Thailand and Vietnam.”
Lee Quane, regional director for Asia at ECA International.
| Location | Average rent 2021 | Average rent 2020 |
|---|---|---|
| Hong Kong | 10… |
