It is hard to imagine that real estate is thriving anywhere these days, but in reality select locations have experienced an increase in annual rental receipts. The five top markets in this envious position are Toyko, Moscow, Hong Kong, London and Singapore. With rents rising 2% – 22% year over year, there is still room for them to climb before topping the charts.
In Tokyo rental rates have risen two percent, year over year. For example, $42, 907 a month allows you to rent a 5 bedroom plus one maid room apartment in Minami-azabu, Minato-ku, Tokyo. The living area is a spacious 3,860.36 square feet. The unit comes with one parking space and is within walking distance of three different line stations. Built in 2007, the concrete structure boasts earthquake protection with a seismic isolation structure. Other features of the property include auto-locking entry, all appliances, a roof balcony and a security system. A six-month deposit is required at lease signing.
Over the years, Moscow has often gained the notoriety of being the most expensive city as per cost of living. It has since maintained its position amongst the top few cities in a list that few citizens would like it to be on. One of the most expensive places in Moscow is Building 11 on Pozharsky Pereulok in central Moscow. Often called as the Golden House , a single square meter in this mansion cost $48,092 last year.
Even though Hong Kong has had a 22% increase in rental rates, it appears to offer affordable high-end units compared to Tokyo. For example, $26,952 a month rents a beautiful penthouse, built in 2001, that offers breathtaking view of the sea and the city. Quality finishes are used throughout the four bedroom, four and a half bathroom apartment, that offers 3,104 square feet of living space. Located in a prestigious Chelsea Court at 63 Mount Kellett Road, The Peak amenities include a balcony off the living room and a private roof terrace.
As one of the most expensive residentials comes as no surprise. Especially with the upcoming Olympics which have resulted in the worlds most expensive rental at £80,000 a week ($128,000). If you have the moolah, then you can even choose to live right next to the Queen – as these Indian Industrialists chose to ; getting their own Palace in the bargain.
Though the current trend in rental fees stateside is graciously being classified as “very, very negotiable” they still set the high-end of the rental expense curve. For example, 502 Park Avenue in New York City is currently available at $200,000 a month. This spacious rental offers 6,200 square feet, with four bedrooms and six bath rooms. The location is in the heart of the city, close to Central Park. Offered at $130,000 a month, but almost one half the size, is a lovely rental property at 100 East 50th Street, New York City. This 3200 square foot apartment has three bedrooms and three and one half baths. Located in the historic and iconic Waldorf Astoria this centralized location also offers easy access to Central Park and a prestigious address at a “lower” rent.
Perhaps your heart longs for country living at its finest. Then fly away to scenic Italy which despite not making the top 5 positions still deserves a mention here. The perfect property awaits your arrival in San Pancrazio, Italy. This rental, also known as Villa Le Fontanelle is surrounded by 600 Olive trees that annually produces 1000 liters of extra virgin olive oil. A small vineyard, currently producing 2500 bottles of Supertuscan Wine. There are also a variety of fruit and nut trees in this Italian version of The Garden of Eden, a swimming pool, 2 homes and three outdoor porticos for you and your guests to linger in the Tuscan sun. The security features of this property include a video system that is link directly to the local police department, offering unparalleled peace of mind at the bargain rate of $300.000 a month.
It is wonderful to have a variety from which to choose. Do not hesitate to consider one of the beautiful rentals as the availability changes frequently in the luxury rental market. Needless to say , we have barely scratched the surface of these cities. In fact , at times we have ourselves written of properties that are a lot more expensive then the ones that have been mentioned in this article. But with the rich heritage and dynamic nature of these cities ; it is almost impossible to have a current list that encompasses them entirely.
Written by James from Wish.co.uk