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April 18, 2008

Singapore, Ho Chi Minh City among most expensive cities

Singapore and Ho Chi Minh cities in Southeast Asia were among the costliest cities for those who rent a three-bedroom apartment, Bernama reported quoting a global survey.

The city-state, which ranks ninth in the world and fifth in Asia, saw its residential accommodation rental rates for a three-bedroom apartment increase by more than 30 percent from 2006 to 2007, a recent survey conducted by ECA International, a knowledge and solutions provider for international human resources professionals. The survey compares rental prices in 92 locations worldwide.

A three-bedroom apartment in a popular expatriate area in Singapore costs approximately $4,460 per month on average, 33 per cent higher than in 2006, when the equivalent apartment would have cost approximately $3,364 and the highest year to year percentage increases in Asia followed by Mumbai and Guangzhou.

The survey also revealed that there are five other locations in Asia that are in the top 10 most expensive locations in the world - Hong Kong (1st), Tokyo (4th), Mumbai (6th) Seoul (7th), and Ho Chi Minh City (10th). Moscow, New York, London and Caracas make up the remaining most expensive cities globally to rent a three-bedroom apartment.

ECA said Kuala Lumpur ranked 16th in Asia and 72nd in the world in the category.

Meanwhile, the top 10 cheapest locations in the world to rent a three-room apartment are Karachi, Guangzhou, Vilnius, Nairobi, Atlanta, Ankara, Dallas, Accra, Lima and Muscat.

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