High professional tenant demand gives London high global standing

16 2008
London is the fifth most expensive city in the world when it comes to renting a three-bedroom apartment, a new study has concluded.

With rental accommodation in the capital continuing to soar, prices have also steadily increased over recent years, though these have largely been offset by the higher wages and better job opportunities offered in the city.

According to the latest research carried out by the global human resources firm ECA International, London is trumped only by Hong Kong, Moscow, New York City and Tokyo.

Notably, Singapore saw the largest increase in rental prices over the past 12 months, with prices in the city-state rising by 30 per cent, driven partly by demand among expatriate tenants from the West.

Commenting on the world trend, Lee Quane from ECA said: "A robust economy and increased demand for high-end accommodation have been instrumental in driving rental prices up."

Mumbai, Seoul and Ho Chi Minh City also made it into the top ten, while Karachi was found to be the cheapest place on the planet to rent a three-bedroom flat. ADNFCR-1219-ID-18554194-ADNFCR

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