Mumbai More Expensive Than Beijing, Singapore; Hong Kong Most Expensive For Expats!
While the property rentals in Hong Kong are mind-boggling, Mumbai climbed 3 spots to enter into the top 5 most expensive cities for expats.
If you are an expat and want to rent a 3-BHK unfurnished flat at a mid-market location in Hong Kong, then you need to shell out Rs 6,67,777/- or $10,461.
This makes Hong Kong the most expensive Asian city for expats, right now.
Tokyo is ranked at #2, and rentals for expats there is almost $2000 less than Hong Kong’s average rentals.
This data was revealed by ECA International, a global consultant for mobility and cost of living statistics, based out of London.
Mumbai Ranks In The Top 5!
As per the report, Singapore has fallen the radar as the top choice for expats, as business and economy was slow, and fewer relocations happened in the country.
Closer home, India’s economic capital: Mumbai has emerged as more expensive for expats compared to Beijing, and Singapore. In the overall ranking, Mumbai is placed at #5, which is an improvement of 3 spots, compared to last year’s ranking.
If we talk about China, then Shanghai has emerged as the most expensive location for rentals, as the city witnessed a sharp rise in overall costs.
Shanghai is #3 on the overall list.
The report said,
“Rents in Shanghai have risen owing to an increase in the number of inbound relocations to the city. This elevated demand in an already tight market has caused the rent rises we have seen in 2018..”
Besides Singapore, Malaysia’s capital Kuala Lumpur also faced a decline in property prices, due to a slower economy.
Here are the top 10 most expensive locations in Asia for expats:
- Hong Kong
Indian Expats Are Worried Over Passport Colors
Meanwhile, in a related news, reports are coming in regarding reaction to Indian Govt.’s decision to remove the address from the passports, and the changed colours.
In the Middle East, where the maximum number of Indian expats are living and working, the news hasn’t gone down well.
Social worker Girish Pant said,
“Removal of the address could indeed cause increased paper work for NRIs, especially when it comes to getting their paperwork attested by various authorities.”
KV Shamsudheen, founder and chairman of Pravasi Bandhu Welfare Trust based in Dubai has actually written to Ministry of External Affairs, requesting them to reconsider the address format of new passports.
He said, “It will be very cumbersome to NRIs. Applying for visas to foreign countries will be a technical nightmare,”
Besides, he also stated that segregation of passports based on Emigration Check Required (ECR) requirement is unfair.
According to him, Indian citizens will now face discrimination due to this change in colours.
We will keep you updated as we receive more news.