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Ranked World's 5th Most Expensive Place for Property Rental

According to a report by International human resources solutions provider ECA International; Singapore now ranks 5th most expensive city in the world for property rental based on rent for a two bedroom home.

Why have Rental Prices Increased?
In Asia Singapore ranks as 3rd most expensive, Tokyo occupying the number 1 spot, followed by Hong Kong. The strong economic growth is the main factor in the increasing rental prices throughout Asia and Singapore saw a 15 per cent rise in 2010 to S$3,600 (US$2,810) for an average two bedroom apartment giving Singapore the new ranking. ECA International said compared to 2009, this put Singapore one place higher globally and two places higher in Asia.

This shift is in contrast to the report of 2009 when the rental price for a two bedroom property in Singapore fell by around 17 per cent due to the recession and an influx of new housing hitting the market. However in 2010 the pattern was reversed and rents increased by 15 per cent due to a recovery in house prices and an increased demand. ECA International also attributes the strengthening of the Singapore dollar to the increase in property prices.

World's Most Expensive
Tokyo is now ranked most expensive in the world and in Asia. Singapore's main competitor for expats; Hong Kong is ranked in second place where land is already at a premium due to lack of space.

More : http://luxhotelandresort.blogspot.com/2011/10/ranked-world-5th-most-expensive-place.html