Hong Kong 10th most expensive city in Asia for expatriates
The South China Morning Post today reported that Hong Kong is Asia’s 10th dearest city for expatriates.
Hong Kong is unlikely to be losing it’s premium cost-base anytime soon, with rental inflation and school fees increases being major contributors to the City’s expensive living costs.
Although the Composite Consumer Price Index stands at 4% year-on-year, page 7 of the full report for April shows that private housing rent is rising by half as much again (5.9%).
Incredibly, a local ESF school recently projected a 54% increase in fees by 2017 as reported by the SCMP. With ESF waiting lists doubling over the last 3 years, there appears to be little danger of these increases impacting the ESF being full to capacity.
With the cost of English-Language schooling and property rental making up a significant proportion of household expenses, these statistics are cause for concern for expatriate residents.
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