Your use of this service is subject to our, Meal for 2 People, Mid-range Restaurant, Three-course, McMeal at McDonalds (or Equivalent Combo Meal), Beef Round (1kg) (or Equivalent Back Leg Red Meat), Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car), Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car), Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment, Mobile Phone Monthly Plan with Calls and 10GB+ Data, Internet (60 Mbps or More, Unlimited Data, Cable/ADSL), Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child, International Primary School, Yearly for 1 Child, 1 Summer Dress in a Chain Store (Zara, H&M, ), Price per Square Meter to Buy Apartment in City Centre, Price per Square Meter to Buy Apartment Outside of Centre, Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate, A family of four estimated monthly costs are, A single person estimated monthly costs are. To use individual functions (e.g., mark statistics as favourites, set On digging deeper, youll see that the employee salary in the region ranges from 9,260 HKD (lowest average) to 163,000 HKD (highest average). Hong Kong retains position as most expensive accommodation for overseas workers, despite a drop of over 5% in rental costs from last year. The Turkish city is now the 116th most expensive city in the world to rent in. In, RVD (Hong Kong). Guides you in implementing and evaluating business decisions strategically. HKExnews. As a Premium user you get access to background information and details about the release of this statistic. However, this is a reversal of the increase in rental costs seen in 2019 and is likely the result of greater immigration restrictions for workers and other travellers to the city, thereby suppressing demand for all types of accommodation explained Quane. Here are the different average salaries of employees from various industries: Minimum wages refer to the lowest remuneration an employer must pay their hourly employees. This amounts to USD 55,928 as per the exchange rates in April 2023. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Meanwhile, Singapore fell one spot in the rankings to 26th position globally, as rents fell by an average of over 2%. If you have any information that you would like to share regarding the cost of living, feel free to drop a comment at the end of the article. My point here is that your lifestyle will highly determine how high your expenses will be and whether Hong Kong is truly that expensive or not. Business in the city are very dynamic, and most of it is focused on trade and finance. According to Numbeo, people pay an average rent of HKD 17,360 (USD 2,211) for a 1-bedroom apartment in the city center, which is kind of crazy. "Average Monthly Rent of The Private Apartments in Hong Kong Island in 4th Quarter 2022, by Size (in Hong Kong Dollars per Square Meter). Get quick analyses with our professional research service. : 149269 Last Updated: 2023-07-03 Kiu Shing Building Sai Ying Pun 2 -bedroom 1 -bathroom SA 365 sf Rental HKD $15,000 Incl. statistic alerts) please log in with your personal account. An active lifestyle and different leisure activities are supported in Hong Kong at the governmental level. Software engineers and financial managers also earn a high salary in the Hong Kong region. statistic alerts) please log in with your personal account. Costing USD 2 441 per month, it has seen a 30% decrease from 2020. This is up from 1.4 million in 2020. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. How could it be, when Hong Kong is the most expensive city in the world in which to buy a home? Oppenheimer Streaming Release Status. If you're not registered with us but work in Global Mobility, why not create an account with ECA to see how we can help you. Price HKD $5,300,000 Monthly Repayment HKD $25,277 Property No. RVD (Hong Kong). Business Solutions including all features. Lets look at the salary rankings by profession in Hong Kong: Public sector employees receive 10% more than their private sector counterparts. Rent and Housing in Hong Kong: Everything You Need to Know - InterNations "Average monthly rent of private retail spaces in Hong Kong Island from 2014 to 2019 (in Hong Kong dollars per square meter)." Then you can access your favorite statistics via the star in the header. SPORTS & LEISURE An active lifestyle and different leisure activities are supported in Hong Kong at the governmental level. Use Ask Statista Research Service. The smallest apartments in Hong Kong cost around $1,000 per month, with more spacious units ranging from $2,000-2,500 before utilities. The average cost of living in Hong Kong is $2884, which is in the top 0.7% of the most expensive cities in the world, ranked 63rd out of 9294 in our global list and 1st out of 544 in China. In Kowloon, you will pay US$1,885 to US$4,045 per month for a two-bedroom apartment. Hong Kong has been named the most expensive location in the world for expat accommodation for a fourth year in a row, but still saw rental costs drop considerably due to the effects of Covid-19. Tasteful and beautiful decoration, prosperous and quiet, three minutes to the subway station. Travel Economics for Expats and Travelers. Salaries range from 9,260 HKD (lowest average) to 163,000 HKD (highest average, actual maximum salary is higher). Its highly advisable to check the rent prices before considering a job offer in Hong Kong. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Hong Kong Survey time period 2007 to 2022 Supplementary notes One Hong Kong dollar equals approximately 0.13 U.S. dollars and 0.12 euros (as of March 2023). From the initial job search, to bargaining salaries, this guide will help you to find job in most countries around the world. Considering the average working week of 44 hours in Hong Kong, the minimum salary in . Similarly, a bachelors degree holder will get a 24% higher salary than a diploma holder. Learn more about how Statista can support your business. As a Premium user you get access to background information and details about the release of this statistic. Business Solutions including all features. ", RVD (Hong Kong), Average monthly rent of the private apartments in Hong Kong Island in 4th quarter 2022, by size (in Hong Kong dollars per square meter) Statista, https://www.statista.com/statistics/1041280/hong-kong-island-private-apartment-average-monthly-rent-by-size/ (last visited July 25, 2023), Average monthly rent of the private apartments in Hong Kong Island in 4th quarter 2022, by size (in Hong Kong dollars per square meter) [Graph], RVD (Hong Kong), February 6, 2023. Food is also generally expensive as Hong Kong needs to import a vast amount of food products, at the same time as general living costs are high. (February 6, 2023). As a Premium user you get access to the detailed source references and background information about this statistic. Average Salary in Hong Kong 2023 - The Complete Guide As a Premium user you get access to background information and details about the release of this statistic. This housing data is also fed into ECA's Accommodation Tool which can be used to set, manage and review the right accommodation allowances for international assignees. How much would an average meal cost in USD? - Hong Kong Forum Concerns that autonomy of the region may be restricted by the mainland government have unfortunately decreased the attractiveness and business sentiment in Hong Kong. Check live rates, send money securely, set rate alerts, receive notifications and more. Sapore di Cina is a website that provides first-hand information about living and traveling in Asia. New York and Tokyo remain in second and third position in the rankings respectively. Rental HKD $15,000 Incl. Figures for earlier years have been taken from previous publications. "Average monthly rent of the private apartments in Hong Kong Island in 4th quarter 2022, by size (in Hong Kong dollars per square meter)." We use the mid-market rate for our Converter. Three-bedroom apartment in city centre. However, expats working for longer tenure will need a visa before starting work or living in Hong Kong. Generally, the average salary for a Hong Kong employee increases with experience. The prices here are very high for some separate items like luxury hotels, leisure, or shopping. and over 1Mio. Salaries often reach up to USD 100,000 a year for expats in this profession and you can live in a smaller apartment, alternatively share an apartment in places like Sham Shui Po. Offers you support for marketing and public relations. Directly accessible data for 170 industries from 150+ countries Currently, you are using a shared account. Property No. Square Metre Prices in Hong Kong compared to Asia - Global Property Guide As a rule of thumb, the salary of an employee in Hong Kong increases with higher education qualifications. The rental market in these locations is heavily tied to the fortunes of the tourism industry and landlords who previously rented accommodation on a short-term basis have converted these to long-term leases, increasing supply and reducing market rents further. Show sources information 1 USD = 7.81737 HKD We use the mid-market rate for our Converter. Below are some resources that might be useful for you around the web: World Nomads: this company provides travel insurance in most countries around the world, and it might be a good option if you going for a long travel. European rental markets remained relatively stable for now, with London the highest ranked European city in 4th position globally. According to the Census and Statistics Department, the 50th percentile of monthly salaries was 19,100 HKD (USD 2,433) in 2022. Alcohol prices are far from countries in Southeast Asia, like Thailand, Vietnam, and the Philippines. Connects you with consulates, Chambers of Commerce, and other business associations. One Hong Kong dollar equals about 0.13 U.S. dollars and 0.12 euros (as of February 2023). However, Hong Kong is still by far the most expensive location in Asia for rental costs and still more expensive than New York, despite the gap closing slightly this year.. To use individual functions (e.g., mark statistics as favourites, set List of prices in Hong Kong Current as of Jul 2023. Source: Edigest (in Chinese). Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Available: https://www.statista.com/statistics/1041280/hong-kong-island-private-apartment-average-monthly-rent-by-size/, Average monthly rent of the private apartments in Hong Kong Island in 4th quarter 2022, by size, Immediate access to statistics, forecasts & reports, Size of luxury property one million dollars can buy worldwide 2022, by city, Grade A office cap rate in APAC 2022, by city and location, Number of flats in Hong Kong 2007-2022, by type of permanent housing, Mortgage delinquency ratio at authorized banking institutions in Hong Kong 2016-2022, Distribution of domestic households in Hong Kong 2006-2021, by type of housing, Number of real estate development projects in Hong Kong 2018-2021, by type, Number of new flats produced Hong Kong 2006-2021 by type of permanent housing, Total value of aggregated rateable values for property in Hong Kong 2015-2022, Government revenue from property rates in Hong Kong 2015-2022, Total value of assessments for property rates in Hong Kong April 2022, by region, Subsidized-sale flats in Hong Kong 2011-2022, Private permanent housing flat production in Hong Kong 2006-2020 by district, Monthly rent of the private apartments in Hong Kong Island Q4 2022, by size, Distribution of public rental housing flats Hong Kong 2022, by flat size, Average monthly rent of public rental housing in Hong Kong 2007-2022, by district, Public rental housing in Hong Kong 2012-2022, Stock of grade A office real estate in Hong Kong 2010-2021, Vacancy rate of grade A office real estate in Hong Kong 2010-2021, Completion of Grade B offices in Hong Kong 2016-2023, Take-up of Grade B offices in Hong Kong 2016-2021, KPIs of the largest real estate investment trusts (REITs) in Hong Kong 2023, Revenue of Sun Hung Kai Properties 2009-2022, Profit before tax of Great Eagle Holdings 2014-2020, Occupancy rate of Champion REIT's business properties 2016-2021, Price index of condominium units Philippines 2016-2022, Average weekly rents in student housing in the United Kingdom in 2018/19, Cities with the highest monthly rent for a dwelling in Italy October 2022, Number of new launches in the residential sector India 2012-2018, Property price to rent ratio in Walvis Bay and Windhoek Namibia 2019, by location, Sales volume in the residential sector India 2012-2018, Price index of townhouse units Philippines 2016-2022, Average weekly rents of student housing in London, United Kingdom 2018/19, Quarterly consumer price index of housing rent in Belgium 2017-2022, Average price of properties for rent in Rome, Italy, 2022, by area, Chile: monthly rent of an apartment in Santiago 2018, by size, Monthly rents in Malabo, Equatorial Guinea 2018, by property type, Average price of properties for rent in Venice, Italy, 2022, by area, Average monthly rent of the private apartments in Hong Kong Island in 4th quarter 2022, by size (in Hong Kong dollars per square meter), Find your information in our database containing over 20,000 reports. Airbnb) by travelers in the UK 2017, by education level, Average price of properties for rent in Naples 2022, by area, FMR for one- and two-bedroom units in the U.S. 2020-2022, Average price of properties for rent in Venice, Italy, 2022, by area, Average price of properties for rent in Turin, Italy, 2022, by area, Average price of properties for rent in Florence, Italy, 2022, by area, Flat share usage (e.g. Create a chart for any currency pair in the world to see their currency history. Please create an employee account to be able to mark statistics as favorites. Gross: --. The cid cookie helps to identify unique visitors and understand their site behaviour at different times. Hong Kong, Hong Kong Salary | PayScale These cookies ensure basic functionalities and security features of the website, anonymously. Hong Kong Homes, a premier real estate agency in Hong Kong that delivers excellent home-finding services in a wide range of property types: studio flat and simplex, duplex, triplex, penthouse, townhouse and detached house. Tourism also has an important role in the regions economy, with visitors coming mostly from mainland China. Even the most executive workers in Hong Kong use the subway system thanks to the efficiency. If you are an admin, please authenticate by logging in again. Distribution of Expenses Using Our Statistical Model: Copyright 2009-2023 Numbeo. Get quick analyses with our professional research service. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 39,000+ online stores and marketplaces. Undoubtedly, Hong Kong is a great outsourcing location for businesses of all types. Quality of Life Index by Country Health Care Index (Current) Bottle of Wine (Mid-Range) 150.00 HK$ 70.00 Domestic Beer (0.5 liter bottle) 14.79 HK$ Imported Beer (12 oz small bottle) 21.17 HK$ Cigarettes 20 Pack (Marlboro) 69.50 HK$ One-way Ticket (Local Transport) 11.35 HK$ Monthly Pass (Regular Price) 500.00 HK$ Taxi Start (Normal Tariff) Accessed July 25, 2023. https://www.statista.com/statistics/1041280/hong-kong-island-private-apartment-average-monthly-rent-by-size/, RVD (Hong Kong). We will go into more detail in the second part of the article where we check detailed numbers for rents, food, SIM cards, alcohol, transportation, and more. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. You should allow for HK$30,000 to HK$50,000 (US$3,900 to US$6,500) per year for other living costs, including food, leisure, transportation, and personal items, depending on how extravagantly you plan to live. All-in-all, the Hong Kong export market boomed by 13.3%, according to Trading Economics. The average salary of employees varies from one industry to another depending on the nature of the work. (October 6, 2020). Average living space of public rental housing tenants in Hong Kong from 2007 to 2022 (in square meters per person) [Graph]. The employees educational qualification. Use Ask Statista Research Service. As soon as this statistic is updated, you will immediately be notified via e-mail. Cost of Living In Hong Kong: The Average monthly cost of living, including rent, utilities, food, and transportation, ranges from $2,370 - $10,600 (HKD 18,500 - HKD 83,161) Per Month. Then you can access your favorite statistics via the star in the header. MONTHLY COST Of Living In HONG KONG 2023 [Budget Guide] - One Life Passport This dire financial situation has had an expectedly negative effect on the rental market, with the value of accommodation plummeting..