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Executive expats in Hong Kong pay higher housing costs
| Published: | 11 Sep at 6 PM |
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Hong Kong has remained as the most expensive city in the world for business expats to live in, as China’s financial capital continues to deal with the financial crisis better than cities in the West.
There was an increase of 7.4 per cent in the cost of executive housing prices over the first six months of this year, according to property brokerage Savillls. Prices in London, the second costliest place to live, went up by 2.8 per cent, and those in Moscow and Sydney climbed by 5.5 per cent and 3.7 per cent respectively.
Savills monitors property cists for a standard seven-strong group of executives, in order to work out how much it costs them to relocate a team to a new city. The brokerage has also revealed that property costs in Paris are far cheaper, driven by the France’s banks’ decision to lower executive housing rates by 3.4 per cent.
Hong Kong currently has the quickest pace of growth and the highest prices. Even though economic growth on China’s mainland is slowing, domestic demand in Hong Kong remains strong. However, executive rents have been easing. In the Chinese territory, the cost of housing and offices for a seven-strong financial services business team including admin staff and a chief executive amounts to $1.1m per year, compared to $881,500 in London.
There was an increase of 7.4 per cent in the cost of executive housing prices over the first six months of this year, according to property brokerage Savillls. Prices in London, the second costliest place to live, went up by 2.8 per cent, and those in Moscow and Sydney climbed by 5.5 per cent and 3.7 per cent respectively.
Savills monitors property cists for a standard seven-strong group of executives, in order to work out how much it costs them to relocate a team to a new city. The brokerage has also revealed that property costs in Paris are far cheaper, driven by the France’s banks’ decision to lower executive housing rates by 3.4 per cent.
Hong Kong currently has the quickest pace of growth and the highest prices. Even though economic growth on China’s mainland is slowing, domestic demand in Hong Kong remains strong. However, executive rents have been easing. In the Chinese territory, the cost of housing and offices for a seven-strong financial services business team including admin staff and a chief executive amounts to $1.1m per year, compared to $881,500 in London.
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