Byblos Bank Group published their annual survey on worldwide rental prices yesterday and revealed that the most expensive place in the world in which to rent a property is, yet again, Tokyo in Japan.
The survey, which is conducted by EuroCost International, evaluated the average price of a two and three bedroom apartment in popular expat destinations throughout the world. The data, which is converted into Euros is believed to accurately reflect the local rental market for the worldwide expatriate market in terms of both prices and evolution. Locations selected for the survey are focused on residential areas that are heavily populated by expatriates and are of a quality that reflects that suitable for an expatriate to live in.
This year’s findings follow the trends of other expatriate research surveys, including the ECA Living Cost Comparison, which also named Tokyo as the most expensive city in the world. The top ten results are also very similar to those published the previous year. However, not all results followed previous trends. Beirut, in Lebanon, made an appearance for the first time in the top 20 cities for renting property in and became the most expensive city in the Middle East as a result of increased real estate speculation. Dubai, dropped completely out of the top 20 listings as a result of major rental prices decreases. Also failing to make an appearance in the top 20 were Beijing, Jakarta, Rome, Shanghai and Jakarta.
Worldwide rental prices top ten
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Interesting in living in Tokyo? See our expat relocation guide to Tokyo. It contains everything you need to know about living in this vibrant city with hints and tips on the best living areas and methods of reducing your cost of living.