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Singapore has been ranked as the 9th most expensive location in the world when it comes to renting a three-bedroom apartment, according to a global survey.
The city-state, which is also ranked fifth in Asia, had its residential accommodation rental rates for a three-bedroom apartment increased by more than 30 per cent from 2006 to 2007, according to a recent survey by ECA International, a leading knowledge and solutions provider for international human resources professionals.
The annual ECA’s Accommodation Survey ranking compares rental prices in 92 locations worldwide.
ECA said in a statement Wednesday that the data obtained is used in ECA’s Accommodation Reports which ECA Member companies and clients consult when calculating housing policy and allowances for their internationally mobile staff.
A three-bedroom apartment in a popular expatriate area in Singapore costs approximately US$4,460 per month on average, ECA said.
This is 33 per cent higher than in 2006, when the equivalent apartment would have cost approximately US$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.