Hong Kong’s high-end apartments are the world’s most expensive to rent, followed by  those in Tokyo and New York, according to a survey on expatriate accommodation released Tuesday.

The survey, conducted by UK-based human resources consultancy ECA International, noted that an executive three-bedroom apartment in Hong Kong costs more than $8,500 a month to rent.

Rents for typical expatriate apartments in Hong Kong rose an average 10% last year and 15% in 2005, due to the Chinese territory´s strong economic growth, said Lee Quane, general manager of ECA International Hong Kong.

The gap between Hong Kong and other cities was widening, he added.

The survey compared rental prices in 92 locations worldwide. Tokyo rents for expatriates averaged $7,358 while in New York, they were $7,249. Moscow was ranked fourth most expensive at $6,526, followed by Seoul, London, Mumbai and Shanghai, the survey found.

The Venezuelan capital of Caracas was ranked ninth as expatriates there need to live in high-security compounds for safety reasons, Quane said. Paris was 10th.

The cheapest location of the 92 cities was Nairobi, Kenya, where a three-bedroom apartment cost about $1,000 a month, the survey said.

Source: www.property-report.com