Hong Kong remains world’s most expensive city in rents

Find out why this isn't surprising.

The World Cities Review by Savills Plc reaffirms Hong Kong as the most expensive city in the world in which to rent business and residential space in the first half of this year. The review measures costs in the world’s 10 leading cities.

Hong Kong’s home prices have more than doubled since early 2009 to a record high this year. It also has the world’s most expensive retail rents while its Central Business District was formerly the costliest district to rent an office.

Savills said it would cost US$1.6 million per year for a 14-person team to open an office in Hong Kong, which is the most expensive in the world. New York came second with US$1.55 million and London third with US$1.53 million.

New York was the world’s second-most expensive city while London was in third.