Asia’s expansion in their operations, with an increase in companies has caused a rise in property prices. According to ECA International, a human resources consulting firm that has conducted a new study, has recently found out based on luxury homes, Hong Kong is the most expensive city. On average, residents in Hong Kong will need to earn five times more than their current salary in order to afford housing. In Hong Kong’s most upscale areas, a three-bedroom apartment can cost over $11,800 per month. That equals more than $141,600 annually, based on prices recorded in 2011, that’s approximately a15% increase.
In terms of luxury homes, Toyko comes in second for the costliest city. Toyko is less than $2,300 compared to Hong Kong, based on their per month rate, but Toyko is number one when it comes to budget areas with two-bedroom apartments, where as Hong Kong drops down the list at fifth place. However, affordable living is available in Karachi, Pakistan for luxury three-bedroom homes around $360 a month.
With Hong Kong’s whopping rise over last year’s prices, many wonder who is willing to pay such a high price for these luxury homes? Well, it seems that Japanese, Chinese and Korean firms are expanding into Hong Kong, so there are several junior expatriate managers as well as senior expatriate managers who are interested, but that’s not all, rental prices are soaring because of limited residential area. Therefore, both expats and locals are looking for luxury homes that are most suitable for their lifestyle as well as their budget.
Source: Elite Choice