Hong Kong rents beat Asian peers by a whopping 50%

This is despite dwindling prices.

Hong Kong remains the most expensive location in the world to rent a high-end three bedroom apartment, despite rents for high-end property falling in the city for the second consecutive year, according to ECA International

Rents for an unfurnished three-bedroom apartment in a sought-after area of Hong Kong average US$11,440 per month – down 1 per cent on last year's average and 3.6 per cent on the previous year.

With a high population density and a consistently limited supply of property, average rents in the territory have long been significantly more expensive than other high-profile cities.

Within Asia, Hong Kong is followed by Tokyo, which ranks 6th globally.

Four years ago, rents in Hong Kong were only 6 per cent higher than in the Japanese capital but the gap has increased every year since then and local rents are now 55 per cent more expensive than in Tokyo in US dollar terms. Tokyo is followed by Singapore, ranked 7th globally, Shanghai (9th) and Seoul (13th).

While most locations in the region have seen rent increases in home currency terms, the pattern of increases is not as consistent when rents are converted into US dollars for comparison.