THAILAND EXCLUSIVE: Bangkok rental prices continued to rise during 2017, yet the Thai capital still remained one of the cheapest destination in Asia for expatriate rentals.
Whilst property rentals in Hong Kong were revealed as being the most expensive in Asia by ECA International,
Bangkok’s position as the 11th most-expensive Asian destinations for expats is up two places from last year’s report.
ECA International is a knowledge, information and software provider for global employees. It has been conducting research into accommodation costs for international executives for more than 20 years.
The company compares rental costs in areas typically preferred by expat staff in more than 240 locations around the world.
Rental prices for an unfurnished, mid-market, three-bedroom apartment in areas commonly inhabited by international executives in Hong Kong were recorded at an average of US$ 10,461 (THB 334,000) per month.
This amount is more than US$ 2,000 per month more than the next most expensive Asian location, Tokyo.
Speaking exclusively to ThailandProperty.News, Lee Quane, the Regional Director for Asia at ECA International, said: “Bangkok is ranked as the 11th most expensive location in Asia for rental accommodation out of the 49 locations included in our rankings.”
“This represents a rise of two places, as it overtook both Yangon and Jakarta who were both ranked above it last year. and where rents have fallen between 2016 and 2017.”
Quane added that based on the data used for the basis of this ranking, the mid-range of costs for three-bedroom apartments in districts which would typically be favoured by international executives such as Sukhumvit and Silom, as well as suburbs such as Bang Na and Nonthaburi.
“Accommodation costs have risen by 5 percent year-on-year. We attribute this rise to an increase in demand, as there seems to have been a continued increase in the expatriate population in 2017,” Quana added.
Elsewhere in Asia, accommodation costs in many locations throughout China have increased during the past 12 months.
Shanghai is the most expensive location in mainland China, and the third most expensive location in the Asia region.
In general, the costs of rental accommodation in Asian cities have risen in the past 12 months, with declines seen in only a handful of locations including Singapore, Ho Chi Minh City, Jakarta and Yangon.
Likewise, Kuala Lumpur’s fall down the rankings shows no signs of stopping.
The Malaysian capital is now ranked outside the Asian top 40 most-expensive rental locations, and is more affordable than Colombo in Sri Lanka and Kathmandu, Nepal.