High-end Hong Kong flats priciest in world

Hong Kong is the most expensive location in the world to rent a high-end, three-bedroom apartment, according to the latest data from ECA International.

Within Asia, Hong Kong is followed by Tokyo, Singapore, Shanghai, and Seoul, noted the consulting firm, which provides data and software solutions for international HR professionals.

Rents for an unfurnished three-bedroomed apartment in a sought-after area of Hong Kong averaged US$11,550 per month last year.

But while this figure is still the highest in the world, the rents were approximately 2-3 per cent lower than in 2011.

This contrasts dramatically with the 15 per cent average increase in rental property prices in the same segment between 2010 and 2011.

Hong Kong also ranked the most expensive in 2011.