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The rental market around the world
The Byblos banks group released on September 8th 2010 their annual study on the rental market around the world (published in the Byblos banks' Newsletter). Lead by Eurocost International, their research evaluates the average price of two and three-bedroom apartments in residential areas which have a high expatriate population and of sufficient quality for a comfortable living. Their data, converted into euros, seeks to reliably reveal the local real estate market prices and evolution of the destinations for expatriates around the world.
This year's results are similar to those of the other expatriate market studies, notably to the ECA's Comparison on the Costs of Life published in June (go to the ECA' study - in French), and the top 20 cities' list presents little change compared to the previous years.
Without surprise, the world's highest rent is still in Tokyo, Japan, followed by London, United Kingdom and by Hong-Kong, China. Beirut, Lebanon, has made a spectacular rise and is now in the top ten of the world's highest rent and has become the most expensive city of the Middle-East due to the increase of the speculations on the local real estate market. As for Dubai, it fell below the top 20 because of the major decline of the rent which followed the 2007-2009 economic crisis. Also out of the top 20 are the cities of Beijing, Shanghai, Rome, Jakarta, etc.
Rent around the world's top 10
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To read the Eurocost's complete report, click here ».