Apartment rent rates in Taipei are the 27th highest in the world, according to a recent survey conducted by ECA International, the world’s largest membership organization for international human resource professionals.

The survey comparing rental prices for a three bedroom apartment in 92 cities worldwide in 2006 shows that Hong Kong is the city with the highest rent, with an apartment in a popular expatriate area costing approximately US$8,592 per month on average.

Taipei ranked 27th, with an average rent of NT$94,000 (US$2,816) per month, down four notches from 2005.

Lee Quane, general manager of ECA International Hong Kong, told the Central News Agency that Taipei’s rental rates are stable among Asian cities, in light of the fact that they rose only a moderate 2 per cent in 2006, compared with Hong Kong’s 10 per cent and Singapore’s 15 per cent.

However, if examined on a longer time frame, Taipei’s rental rates have increased 16 per cent over the past five years, a hike that is larger than those of Hong Kong, Tokyo and Singapore during the same period, Quane said.

He predicted that in the next few years, property prices and rental rates will continue to rise in Asia, which is home to the world’s fastest-growing economy.

While rental rates in Shanghai are expected to increase 4 per cent to 5 per cent, those in Taipei are likely to jump 3 per cent to 4 per cent, Quane said. (CNA)

Information from: Asia Pulse via Yahoo News

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