This is also known as the UN clause and it is usually required in the lease agreement by multinational companies who may transfer their employees anytime from country to country. It should go something like this:

“Should the Lessee be compelled to leave Bangkok due to unforeseen circumstances beyond the control of the Lessee i.e. overseas job transfer, the lease may be terminated after completing a minimum stay of XX months on the premise, by giving 60 days advance notice in writing with supported company documents, and the deposit paid in advance shall be returned. “

Different apartments have varying policies regarding the diplomatic clause and will require a minimum stay, ranging from 6 – 12 months in order for this clause to be applied. Naturally, the more popular apartments tend to require a minimum stay of one year, even with a diplomatic clause. Same applies for condos and houses.

I felt the need to write this article after realising how many expats relocating to Thailand do not know how the real estate market works here, especially for rentals. The good news is, it’s a renters market.

1) Landlords pay the agency commission, not you! Aren’t we off to a good start already?

2) In Bangkok alone, there are hundreds if not over a thousand real estate agencies/agents to choose from. Just do a search on Google for real estate agencies in Bangkok and more than a quarter of a million pages show up.

3) Real estate agents offer their services for free, so you can engage as many agents as you want whether you are looking to rent or buy a property!

4) Majority of the agencies catering to expats have websites with photo listings and have English speaking staff.

5) As an expat, you pay the same rental rates as a Thai national. In fact, majority of landlords prefer an expat tenant and go the extra mile (sometimes) to get you to sign on the dotted line.

Now that you know all that, here’s what you wouldn’t normally know unless you are an agent here in Bangkok!

In Thailand, anyone can be an agent! There is no governing body or an association (with authority) that regulates the activities of agencies and agents on Thailand. Walk into a bar and tell someone, anyone that you are looking for an apartment, and chances are there’ll be a “freelance agent” somewhere in the midst to help you out. I don’t think there is any real harm in that as long as you are not required to pay them anything (the landlord does), except that you may be limited to inferior housing options since these are not professionals who can show you an array of places that best suit your needs or budget. That said, I do occasionally hear of some lucky fella who found a great deal through a friend’s friend who happened to be a “part time agent.” Anything is possible in Thailand!

Here’s how I see it. A real estate agent’s job is pretty much like a match maker’s. He/She needs to match You to the “right” property, and preferably within 8 selected options. I don’t know about you, but I do not believe in seeing as many properties as possible just to make sure I’ve covered every single, available unit for rent in Bangkok. 6 - 8 well selected choices seen within a day or two, is much more gratifying than spending days, if not weeks stuck in traffic jams trying to hit the 25^th property-viewed mark. Fact is, people don’t usually have an array of favourites to choose from (since not all the best ones will be available at one time) and I don’t think there is a “perfect” apartment or house when it comes to renting. You’d be lucky to have 2 top choices to choose from, but most of us usually settle for the place that feels most like home in a foreign country.

The other thing you should know before you line up a dozen agents for your showing is that all agencies have access to the same apartment buildings. Condo and house listings may vary from agency to agency but landlords often contact more than one agency to promote their property so nothing is exclusive to an agency here. Or should I say, rarely. Just surf around and you’ll find similar properties listed on multiple agency websites. Thus, arrange your viewing with one agency at a time. That way, if you feel that your appointed agent does not understand your needs, switch agency but tell them what you have already seen with your previous agent. It is only fair that only one agent represents you for each property. Bangkok is a small town, and many agencies practice co-broking to provide as many choices for their clients as possible, so your name will get around, especially if you’ve been agency shopping.

Another thing I’ve encountered is that some companies have what they call a “preferred agent” which they (strongly) encourage their expat executives relocating to Bangkok to use. More often than not, these are agencies with relations in the HR department who may understand what your HR wants but not necessarily what you want! What you and I call “Western standard” can be a totally different concept to some of them, so be sure to explain your requirements and needs to your appointed agent as thoroughly as possible to avoid wasting your time. You have the right to choose whichever agency that best understands your needs; and manages to find you that ideal home. You’d usually find that agents not appointed by your company tend to try a lot harder than these “preferred agents” because they don’t think you are obliged to use them. They work very hard to make sure you choose them over your company’s preferred agent!

There are also many real estate agencies in Bangkok that are run by foreigners and these are generally whom the majority of expats go to when looking for a new home. It makes a whole lot of difference when you have an agent who understands your needs, and knows exactly what you mean when you say “I want something spacious, modern and bright” versus trawling around day after day going from one cruddy apartment to another thinking “there has to be better choices than these in Bangkok!” but never finding it.

All apartments and agencies have pretty standard contracts. If you would like to view one, just email me and I’ll send it to you. Should you decide on an apartment, they will provide their own contract, whilst the agency will prepare the contract for private owners i.e. condos and houses. Read more about the difference between an apartment and condo. Multinational companies usually require a diplomatic clause, and if your company is paying your deposit, then they would also require an additional clause that states that this deposit will be returned to the company at the end of the lease term. All of which may be added to the lease (most apartments are pretty flexible here), and it’s your agent that needs to sort this out between your company and the apartment/landlord. It’s utter nonsense when someone tells you to use a particular agent because they comply with the company’s policies. It’s just a matter of working out what each party requires in the lease agreement, which I believe is same all around the world and any experienced agent will be able to do that.

Well, all the best in your home search. Thailand is a great place to live and Bangkok, in particular has many superb housing choices for expats that are reasonably priced compared to neighbouring countries i.e. Singapore and Hong Kong. Choose an agent who takes the time to understand your needs and you’ll do just fine, and feel free to drop us a line at 08 1750 6682 should you need any help.

Maddy Barber

Here in Thailand, properties, especially houses go under different names than they do in western countries, and for those of us from Europe, we are not as au fait with what exactly is a condominium. Here are all the residential property types.

Single House – in the west, we would normally call this a detached house. Always standing on its own lot of land, and generally walled or separated off from its neighbors in some way, these house types are usually the most expensive for rental purposes and purchase. Higher end houses may come with private swimming pools and other luxuries but you will pay a premium for these. Additionally, houses of this type, especially new or modern in style are very difficult to find in downtown Bangkok where the norm is an older Thai style house.

Townhouse – in the west we would normally call a semi-detached, or terrace. Usually these types of houses are found in “moo baan’s”, or gated communities though it is not always the case. If they are found in gated communities there is generally a full time security guard on site and there may or may not be a communal swimming pool. Houses of this type are more frequent in the downtown area of Bangkok, though there are only a few new developments of this type, and many older, more tired looking units.

Shop house – in the west we don’t have an equivalent! These are the types of units that you see both sides of the roads and soi everywhere in Asia. Originally the idea is Chinese, but it is basically a ‘terrace’ type of unit with 6 or 8 or more shop houses all in a row. The shop is on the ground floor, or street level with the owners living quarters generally being on the floors above. Many Thais live in this type of accommodation, and use the ground floor as their parking garage while again, living above. Generally speaking, units of this type are not very suitable for a foreign family dwelling due to the single skin walls, and plenty of traffic noise from the streets outside, though there are obviously exceptions to this rule.

Apartments – These are generally units built in a block, generally low rise, but there are some high-rise examples available and the whole block is owned by one entity, be it a company or a family. Being owned by 1 entitiy, the utilities are therefore paid for by one entity so there is usually a surcharge on utilities i.e. water and electricity. Normally, in apartment buildings the Common Area Maintenance fee is not applicable as this has already been factored into the rent, and all repair and maintenance is free-of-charge. Generally a swimming pool and full security are provided on the site, with a fitness room being available at some (actually, majority of the) buildings.

Serviced Apartments – Very similar to the regular apartments but with hotel like amenities and services, this type of accommodation will offer restaurants on site, maid service to your room, linen changes, a small cooking area in your kitchen with utensils, and towels and other disposables will be provided. Again, there will generally be a swimming pool and full security on site, and nine times out of ten a fitness room but you will pay a big premium for those extra services. Occasionally, utility bills may be included in the rental package, but that is dependent on the individual building.

Condominiums – in the west, called Condominiums! Very similar to an apartment block, these units are generally in a large building, but with each one of the units being individually owned. There are a vast majority of condominium buildings in Bangkok with an equally vast range of pricing, but this is the only type of property available for freehold acquisition to foreigners and many are targeted at that market. Unlike apartment buildings, the utilities do not carry a surcharge and the bill generally goes direct to the tenant from the relevant issuer, however, there may be a Common Area Maintenance fee to pay monthly on top of your rent payment. This is something that should be negotiated at the beginning of your lease contract. Don’t let it come as a surprise later on! These buildings again generally have a swimming pool on site, sometimes along with a fitness room and certainly are well guarded by security. Some of the new, Grade A developments on line now in town are very luxurious, with facilities akin to a 5 star hotel! Do take a look at the management of the building though as Management Companies are generally employed to take care of the building and its facilities. These companies range from excellent to less than adequate, and if they don’t keep up to the maintenance, the building will start to look very tired, very soon.

I bet many people wonder if it is cheaper to go direct to the home owner instead of going through an agent when renting. Well, I used you wonder that myself when I was a newcomer to Bangkok many years ago; and that is why I decided to write this post.

Truth is, sometimes it is cheaper but 95% of the time, it is not. There are some Bangkok apartments that have different rates for agents and direct walk-in customers. Out of the hundreds of apartments we represent, I have only come across 2 such places that actually have a higher rate for agency clients, and I can tell you that these are apartments we at Bangkok Finder (and I believe many other agencies) do NOT deal with because that is simply not fair for the client. Things get out and eventually the tenant will realise that he paid a higher price than his neighbour and no agent wants that on his reputation no matter how mercenary you think we are!

In fact, most times I believe agents can get a better deal for the client if they wanted to. Put it this way, the agent usually has a very good idea how low the landlord will go. As you may already know, Thailand is all about relationships. They like you, they give it to you. Same applies for real estate. If the landlord likes you or your property agent, you have a much better chance of getting a lower price than someone with a higher budget but has an agent your landlord does not have a connection with or you didn’t leave much of an impression on the landlord.

Many times, after a viewing where the client takes the time to make conversation with the landlord and tell them a bit about themselves, the landlord will actually call me and tell me how much he/she likes my client and would lower the price to suit my client’s budget. I have also had landlords who would hold out for another tenant simply because they didn’t like the agent and along we came and deal closed! Money isn’t the most important consideration in this country. Relationship is, and that is why it is so important you read on so you know how to get the very best deal in Thailand.

After you have rented a place, it is even more important for you to establish a good relationship with your landlord because again, if she likes you she will concede to most, if not all of your reasonable demands in the future or she could make your stay living hell. So, how do you ensure that? Unless your landlord speaks absolutely no English, try dealing direct with her instead of your agent during your tenure. Majority of landlords enjoy talking to they tenants and finding out how they are doing in their new home. It makes them happy to hear from you, especially if you love their house and are enjoying every minute of your stay there. Should there be trouble, they will make sure that you are kept happy under their rented roof.

Always pay your rent on time! I cannot stress that enough because so many people choose to pay later than on time just because there is a 5 - 14 days allowance in the lease agreement. This is even more important during the initial period of your tenure. Think about it… if you are always on time with rent payment, when you are actually having problem with your finances, your landlord is more likely to be understanding about it than if she has to chase you for payment every month. Never let the landlord call you regarding payment. Always make sure you inform her beforehand should payment be late. Do that, and you will have a long pleasant stay in your new home. Pay late the first few months, and your relationship will be strained from the very beginning and you don’t want to do that here because they never forget it. Never.

I think I’ve sort of gone off tangent here haven’t I? Sorry, I just thought it was important to mention all that. Now back to the topic “Is it cheaper to rent direct?” It really depends on your agent but it should not. I can confidently say that our clients have always paid the lowest rates when I negotiate for them because that’s what I do best. Shameless, I know but it’s true. Also, when you rent through a property agent, we do everything for you. We drive you around, negotiate for you, prepare the contract for you and basically be your punching bag should things go wrong. So, from the way I see it, the client always wins when you go with a real estate agency; and a good property agent. Needless to say, Bangkok Finder is all that and more

Good luck and happy home hunting.

We recently found this amazing house on Sukhumvit soi 56, just 10 mins walk to On Nut BTS station and within a day, rented it to a lovely couple who was having trouble finding a house that would accomodate 4 dogs! Ok so this is only a 2 bedroom house, but imagine 1 rai of manicured garden, large seperate maid’s quarters with 2 maids’ rooms, maid’s own Thai kitchen and a shed that could be converted into a seperate study/office. Then imagine it for rent at only 50,000 bht/mth. (We managed to negotiate the rent down from 60K)

Now, I am sharing this story because I know of many people who are trying to find that perfect house, be it for themselves or their pets and this takes time, patience and some luck I suppose. This couple actually contacted us weeks before this house was even available for rent, and the minute something suitable came up that was within their budget, we gave them first option to it. So sometimes you need to be patient in order to find the right house.
Again, I’d like to add that if you are looking for something amazing, and do not want to pay prime rates, consider places i.e. Phrakanong, On Nut or Mo Chit. A house like this in Thonglor would be asking A LOT more than 50,000 bht in rent and seriously, what is an extra 3 stops on the BTS?

Did I tell you the house is newly renovated too and comes fully furnished with brand new, quality furniture? The landlord even has a gardener that comes by once a week to groom the fields!

Many people ask, “what’s the difference between an apartment and a condo in Bangkok?” Well, condos are individually owned units whilst an apartment is a block of rental units owned by a company, family or individual.

There are, of course pros and cons to renting an apartment over condo and hopefully this article will shed some light on the apartment versus condo rental issue, and help you with your final decision.

Rental prices

When it comes to price, I don’t think it differs very much whether it’s an apartment or condo. The rental rate is usually determined by the location, age and grade of building, size of unit, number of bedrooms, facilities, décor and furnishing.

For a guide on what your rental budget will buy, click here.

Utility bills.

Now, this is where the main disadvantage lies in renting an apartment over a condo. Apartments tend to have a minimum charge for water (usually around 1000 baht per month) and a surcharge on electricity (around 5 – 6 baht a unit compared to the 3.5 baht charged by the MEA). All this can amount a hefty difference in utility bills at the end of every month.

I live in a 3 storey townhouse with a family of 6 and my water bill has never exceeded 500 bht a month, ever. We do a lot of washing and drinking too!

Building management fees

These fees apply more for condominiums since apartments have already accounted for their operating cost in their rates. This is usually around 40 baht per square metre and most of the time; this fee has already been included in the rent. However, if you got you a really good deal i.e. a nicely furnished 95 sqm 2 bedroom in the CBD for 25,000 baht/month, then it’s likely that your landlord will not be paying the building mgt. fee for you. I think that’s reasonable enough.

Others

At the end of the day, whether you are renting an apartment or a condo, who you rent it from is extremely important. With condo owners, I feel that it’s a lot easier to negotiate on the rent since these individuals can be more flexible, compared to an apartment which charges standard rates that are usually non-negotiable. However, finding a suitable condo for rent is a little trickier on your own since you’ll have to know where there is a unit for rent and the owner’s contact. That is where property agencies like Bangkok Finder can help you.

The other thing is maintenance. It’s definitely a lot more convenient if you are living in an apartment since there is usually an in house maintenance guy hired by the building at hand. However, I know of many condo owners who take very good care of their property and have their own handyman who usually respond within a day. The cost can be foot by the landlord or the tenant depending on the initial agreement. Again, the cheaper the rent, the more you’ll have to account during your lease tenure.

Apart from that, apartments and condos offer 24 hour security and feel safer for most, compared to living in a house. There is also NO chance of flooding inside your home, which is a major concern for most people looking to rent or buy in Thailand.

That’s about it really! Ready to start your search? Here are apartments for rent and condos for rent in Bangkok.

The Bangkok property market remains in line with overall Asia-Pacific trends, according to the latest Jones Lang LaSalle Asia-Pacific property digest.

This is in spite of a softening market outlook due to political and economic uncertainty, said Thailand managing director Suphin Mechuchep.

The digest reported robust Asia-Pacific growth was fuelling new businesses and corporate expansion in key markets, which had seen big rent increases, rising wages, and a growing middle class in emerging markets - underpinning the retail market.

Thailand’s strong market fundamentals mean rents continue to rise in the office and retail sectors, although at a slower pace, the digest said.

The Bangkok property market will likely regain momentum in 2008 if political dust settles following a general election planned for this December.

In the region, robust economic growth is driving demand for office space. The bulk of recent leases have been for finance, insurance, real estate and business-support service companies.

Demand from banking and fund-management companies is strong in the financial centres of Hong Kong, Singapore, Sydney and Tokyo, resulting in some markets posting the best rents in 20 years.

“Rents are likely to stay buoyant with new supply low in the short term,” Jones Lang LaSalle head of Asia-Pacific research Jane Murray said.

This is prompting some companies to relocate non-core operations to more affordable locations. This is the case in Hong Kong and Singapore, where the company noted an increasing level of leasing activity in fringe areas and industrial properties, Murray said.

In addition to the trend of relocating non-core operations to contain costs, strong exports from Japan, South Korea, China and many of the Southeast Asian countries have contributed to a revival in the industrial segment, particularly for hi-tech space and logistics centres.

On the investment front, the global appetite for real-estate assets remains exceptionally strong. Factors driving this demand include significant growth in retirement savings, increased allocations to real estate by institutions, improving real-estate transparency and large balance-of-payment surpluses of energy- and commodity-exporting nations.

Global investment in direct commercial real estate reached US$682 billion (Bt236 trillion) last year, up 38 per cent on 2005 and nearly double 2003 volume, according to a March Jones Lang LaSalle report called “Global Real Estate Capital: Moving Further and Faster”.

In Asia Pacific, investment totalled $94 billion in 2006, an annual increase of 42 per cent. The investment hot spot of Japan dominated with transaction volumes surging 128 per cent and accounting for 55 per cent of regional investment.

Transactions in China rose a hefty 69 per cent to $9 billion, despite government measures to cool the real-estate market.

Healthy economic and property-market fundamentals will ensure investor demand remains strong in 2007. Pricing pressures are likely to intensify with many funds increasing their weightings in Asia.

Strong competition in tier-one markets is resulting in some investors moving further afield to tier-two and tier-three locations in search of superior risk-adjusted returns.

Investor demand will remain unabated in 2007 on the back of attractive economic and property-market fundamentals and increased institutional weightings to real estate, Murray said.

Source: The Nation 

Rental yields for luxurious condominiums in Bangkok range from 7.2% to 8.9%. The exception is 300-square metre (sq. m) units yielding only around 6.84%.

In Hua Hin, mountain-side villas are cheapest with prices only reaching up to around US$649 per sq. m. While top luxurious properties can cost almost twice that, 150-sq. m beachfront villas are most expensive at US$4,333 per sq. m.

To see chart comparison, go to www.globalpropertyguide.com

For the world’s discerning travellers, nothing carries quite the same prestige as spending a holiday in a luxurious private villa somewhere exotic.

And who can blame them? With such added perks as personal chefs, butlers and drivers at your beck and call as you relax by a private infinity pool in your five-bedroom retreat, that 5-star resort down the beach suddenly pales in comparison.

Villa owners in Europe, the Caribbean and the US have been capitalizing on this mindset for decades, but it is a trend that has only really started to catch on in Thailand in recent years, partially because the country’s high-end villa sales market itself is still in its infancy compared to other global resort markets.

Thailand’s villa rental market is for the most part limited to two areas: Koh Samui and Phuket. Hundreds of travel agencies and rental firms specializing in villas around the world are beginning to take an interest in these two destinations, which has translated into an increase in the number of local firms turning to villa management as a way to offset the recent sales slump that has enveloped the country.

“It’s a trendy market. It’s the next best thing to having a private house,” says Marc Ribail, chief operating officer of villa management firm Samui Villas & Homes (SVH), noting that in the last six months, property sales on the island have been down, so quite a few firms are going into property management. Hence, there are now three or four decent companies that have begun offering villa management among their services, he says.

But unlike most firms, which expanded their services to include rental management under their umbrellas as a means of diversifying, Samui Villas & Homes (SVH) initially set out in 2001 solely as a villa management company, only later entering the sales market to cater to the growing number of clients that wished to purchase a holiday home there. The firm recently announced it’s expanding with a branch in Phuket that will focus on villa management there as well.

Ribail says when the company was created in 2001, it managed only three properties, but things quickly grew from there.

“At the beginning of 2006 we had 25 and now we have nearly 50 so it’s definitely an emerging market,” he says. “In some respects we’re still kind of creating history and track records in Samui. If you look at Phuket, they’ve been doing this for a much longer time, so they have a bench mark they can rely on. We’ve just started making a bench mark now.”

Ribail says when the tsunami hit in 2004, SVH received a dramatic increase in business as holiday-makers shied away from Andaman destinations, however competition and Phuket’s resurgence has caused the market to take a breather.

“There’s a bit of a slow-down this year, because of the recovery of Phuket. The first quarter has been difficult but the rest of the year looks much better,” he says. “The offerings are increasing but demand is the same. So basically the competition is increasing,” says Ribail.

A similar trend is emerging in Phuket, where there are now dozens of firms offering villa management services. Allan Mossop, managing director of Phuket Island Property Services (PIPS), says they’ve definitely seen an upswing in the property rental market in the last year, but it’s been a long time coming.

“The last five years has been a challenge for most folks because Thailand is not a traditional holiday home destination like say the Mediterranean or the Caribbean. But we’ve been making serious inroads. If you go online and look at the international rental sites, the number of properties featured for Thailand has increased dramatically as has the number of inquiries.”

Mossop feels that more people are travelling to Thailand as repeat visitors and are starting to feel more comfortable and don’t’ feel that they have to go stay in a more protected environment of a hotel.

“Holiday rentals are very popular with families, knowing that they’re going to be in a property that’s got a private pool and a kitchen, which means they’re able to take care of their kid’s requirements better. If you’re travelling with your family, it’s a little inconvenient to have the young ones on the fold-out couch.”

PIPS deals with the mid-to upper segment of the rental market. Mossop says that in the low season villa rates range from US$250-500 a night for a three-bedroom villa, but in the high season rates can go for between $600 to $2500 a night, depending on the size of the villa. With rates like these, it’s not surprising villa owners are jumping to put their properties on the rental market when they’re not in use.

But half the battle is attracting interest. According to Mossop, the most important thing for villa owners to consider before putting their property on the rental market is whether their agent able to make their property available to a wide selection of other agents.

“For a long time PIPS was the only company in Phuket actively marketing the full-service rental projects we represent with 50 other agents locally nationally and internationally,” he says. “A lot of the property management companies or rental management companies are only able to take their straight 10% and they are not able to market a home to other rental companies which is a major factor.”

Indeed villa owners have a lot to consider before renting out their property, and this includes whether or not they’re even in a position to do so. SVH’s Ribail says before they’ll even take a villa into their portfolio they consider several factors.

“The first is location. It has to be situated either on the beach or inland with absolutely stunning views. If you look at Phuket, Bali, The Phillippines or Malaysia, there are not as many properties directly on the beach as there are here. So the guests want to pay a bit more to be on the beach rather than sitting in the hills. So because of that location is very important for us,” he says. “We try to keep the level of standards equal among all houses in our portfolio. So even though they’re all individual, if one house doesn’t have a range of amenities or facilities that matches our portfolio we recommend the owners upgrade.”

SVH offers clients two brands to choose from – the Signature Collection or the Boutique Collection. The higher end villas in their portfolio on average go from US$700-900 per night for a 4-5 bedroom villa, which includes 5-star facilities and amenities, however rates can go as high as US$2,000 a night.

Most agents agree that while these prices may sound a bit lofty for your average traveler, when you consider the rates being charged in 5-star hotels for a single room with no privacy and added costs tacked onto nearly everything, it’s no surprise people are looking for new alternatives.

By Kala Cripps at www.property-report.com

Hong Kong has the world’s highest average rents for expatriate workers, well above Tokyo, New York and London, according to a study released Wednesday.

Altogether, Asia accounted for half of the top 10 most expensive cities for rental apartments for expatriates, while Nairobi was the world’s cheapest.

The survey was carried out by international human resources consultancy ECA among relocation companies, real estate agents and foreign workers, and took unfurnished three-bedroom apartments as a base as they were the most commonly rented by expatriates.

In Hong Kong, such a flat in an area popular with expatriates would fetch nearly 8,600 US dollars a month.

That is by some distance more expensive than the average rental price for foreigners in Tokyo, which ranked the world’s second on a little under 7,360 dollars a month.

“Comparing the cost of renting an unfurnished three bedroom apartment, the data shows that Hong Kong is by far the most expensive city,” said Lee Quane, ECA’s general manager in Hong Kong.

The high rental prices in Hong Kong are due to lack of space as well as an increasing demand for luxury developments as many financial firms strengthen their presence within the city, ECA said.

After Hong Kong and Tokyo, the third most expensive city was New York where a three-bedroom flat for an expatriate costs an average 7,250 dollars to rent, then Moscow, Seoul, London, Mumbai, Shanghai, Caracas and Paris.

Further down the scale, large increases were noticed in rental prices over the past decade in Doha and Dubai, up 130 and 100 percent respectively.

Nevertheless, Hong Kong’s rental prices have fallen.

Quane said the residential rental market here boomed in 1996, a year before the territory was returned to Chinese rule, but has since dropped steadily due to government policies cooling the market and the Asian financial crisis.

Nairobi is the world’s cheapest city for foreigners to rent a three-bedroom apartment at around 1,090 dollars a month, nearly eight times cheaper than in Hong Kong.

Source: Channel News Asia