Expat rent prices
2025 Worldwide city ranking
Ranking
EuroCost International publishes its new worldwide ranking of rents paid by expats.
Although expat housing conditions can vary a lot from one country to another, EuroCost International publishes a yearly worldwide ranking based on a specific type of housing.
This ranking is based on a panel of two- and three-bedroom flats (average prices converted into euros, reference date December 2024).
Key points
- During 2024, rental markets remained chronically tight. In fact, migration to major cities was rarely offset by an increase in available rental housing.
- Interest rates, although on a downward trend, remained high in 2024 and slowed the introduction of new housing.
- More and more cities are trying to implement regulations to limit the impact of the short-term rental market such as AirBnB.
- Mexico has dropped out of the top 10 in the American continent's ranking. This year, the top 10 cities in the ranking are located exclusively in the United States and Canada.
- The city of Dubai enters the world top 20, supported by the effervescent dynamism of its real estate and rental market.
The most expensive cities in the world
Unsurprisingly, and with rare exceptions, rental markets remained under pressure. Interest rates, although trending downward, remained high in 2024, hampering the introduction of new housing. This imbalance between supply and demand was also exacerbated by migration toward larger cities, significantly fuelling demand. Another factor is increasingly weighing on this imbalance: the steady growth of short-term rental markets such as AirBnB.
Nevertheless, as a direct consequence of a certain consistency in these trends, the top 10 of the global ranking remained virtually unchanged.
New York remains in the lead, followed by London then Hong Kong.
Singapore remains in the 4th place and Tokyo in 5th position. Miami consolidates his 6th place, followed by Geneva in the 7th position. We then find San Francisco, followed by Washington and Los Angeles which have reversed their positions and are in 9th and 10th place respectively.
This year, Boston gains one more place and move to the 11th place before Zurich which drops to the 12th position. Chicago and Atlanta gains respectively one place and move up to the 13th and 14th position ahead Moscow which, unsurprisingly drops back down again and take 15th place in the ranking.
The cities of Vancouver and Sydney each gain one place and are positioned respectively in the 16th and 17th places, followed by Amsterdam which also gains 2 positions and ranks 18th.
For several years now, Dubai has been climbing several places in our rankings. As a direct result of this momentum, Dubai has entered our top 20 for the first time, ranking 19th, followed by Tel Aviv which closes out the top 20.
Rents are probably to continue their upward trend in 2025 even as rates and inflation begin to decline. However, governments and major cities are each attempting, at their own level, to implement regulations aimed at limiting rent increases and/or the expansion of short-term rental markets. Time will tell whether these efforts bear fruit.
Regional highlights
Africa
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Africa remains underrepresented in the world ranking of the most expensive cities but it should be remembered that in many African countries, expats prefer to opt for a villa rather than a flat. That is why several countries do not appear in this "Apartments" ranking whereas housing costs may be very high for expats. This year, Bangui took first place from Luanda, who usually led this ranking, but Luanda had to settle for second place this time. Accra and Kinshasa gains respectively one place and move up to the third and fourth positions. Juba loses 2 places and brings up the rear of this regional ranking.
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The Americas
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This year, the North American continent has taken all the places in the top 10 of the "Americas" ranking. However, there are virtually no changes. New York, Miami and San Francisco remain the winning trio, followed by Washington and Los Angeles, who have swapped positions. Boston, Chicago, Atlanta and Vancouver confirm their ranks, respectively in 6th, 7th, 8th and 9th positions. It is Philadelphia who closes this American top 10 by re-entering this ranking after 4 years of absence and thus takes the place previously occupied by Mexico City in this regional ranking.
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Asia-Oceania
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There are few changes in this regional ranking, where nine of the ten cities from last year are still there. Hong Kong, which remains the most expensive city in the region, is ahead of Singapore and Tokyo, again followed by Sydney, Shanghai, Beijing and Seoul. All these cities have retained their ranking. Mumbai moves up one place to eighth. Jakarta returns to the top 10, which it dropped out of last year. It now ranks ninth. Manila like last year finishes this regional ranking in tenth place.
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Europe
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This European regional ranking is almost identical to that of last year. In fact, we find 9 of the 10 cities from the previous ranking. London, unbeatable, still holds the first place, followed by Geneva, Zurich and Moscow. Next comes Amsterdam in 5th place, followed by Lausanne and Dublin in 6th and 7th positions respectively. Paris remains in 8th place. Copenhagen, which regularly appears in this ranking, has been overtaken by The Hague, which has entered and therefore closed this European top 10.
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Middle East
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The five cities in this Middle East regional ranking remain the same, but with a few differences. Dubai, thanks to his dynamism, takes the lead, followed by Tel Aviv, who drops to second place. Doha loses one place and finds itself in 3rd place. Istanbul remains in fourth place and Riyadh closes this Top 5 of the Middle East, like last year.
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Our methodology: specific expat surveys
This ranking is only a particular angle of view on the rental market for expatriates. Our housing surveys, for their part, provide a much more precise view of the rental market for each city surveyed.
EuroCost International data reflect the local rental market for expats, and therefore differ from the local rental market, in terms of price levels as well as movements.
Areas selected for our surveys are residential areas frequented by expats.
We collect prices for different types of housing, from studios to large detached houses, but these can be adapted to the specific features of each country. In a country where all expats live in houses, our survey will only report house prices.
All dwellings considered range from good to very good quality to ensure that expats benefit from comfortable living conditions.
Prices are collected in the currency used for the payment of rent (very often US dollars or euros, rather than the local currency).
Housing is a crucial element for expatriation; therefore many companies seriously consider their expats' living conditions.
Our rent surveys are usually provided separately from the cost of living index, in order to fully meet the needs of our customers, although rent prices can be included in our indices.