Set rate alerts for USD to HKD and learn more about US Dollars and Hong Kong Dollars from XE - the Currency Authority. Hong Kong has seen a rare decrease in rental costs this year, as Covid-19 has lessened the demand for accommodation in the top-tier areas where expatriates would normally reside said Lee Quane, Regional Director Asia at ECA International. Costing USD 2 441 per month, it has seen a 30% decrease from 2020. After years of small and steady increases, the Sydney rental market is now oversupplied with apartments. Alcohol is comparably pricey compared to other Asian countries and a pint of beer often costs HKD 50 90 in local bars. 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. Although the mortgage interest rate is rather low here, so you can take a housing loan and benefit thousands of dollars from rent. Like products, the export of other businesses like financial services has also escalated. Single person estimated monthly costs: HK$43,678 Hong Kong is the 2nd most expensive city in Asia (2 out of 20) Cost of living in Hong Kong is more expensive than in 91% of cities in the World (20 out of 214) What salary will you need in Hong Kong ? How it works: 1 Enter job title & years of experience 2 Add pay factors like skills & education 3 Find your market worth with a report tailored to you Hong Kong, Hong Kong Jobs by Salary The. You see, around 40% of Chinas foreign trade is routed through Hong Kong, thus, the city plays a vital role in Chinas economy as a whole. Hong Kong has a minimum wage of 40 HKD or USD 5.10 per hour, according to the Labour Department of the Hong Kong Government. As soon as this statistic is updated, you will immediately be notified via e-mail. Cost of Living in Shanghai. Jul 2023. Prices in Shanghai - Numbeo One Hong Kong dollar equals about 0.13 U.S. dollars and 0.11 euros (as of January 2020). How could it be, when Hong Kong is the most expensive city in the world in which to buy a home? "Average monthly rent of public rental housing in Hong Kong from 2007 to 2022, by district (in Hong Kong dollars per square meter)." Rent one now and say goodbye to the commuting hassles, expensive roaming, and intermittent public Wi-Fi! Your main means of transportation will be the subway for sure. You need at least a Starter Account to use this feature. But keep in mind that these amounts are averages, the actual maximum salary is higher, and the real minimum salary is lower. Helps you get a business license and with visa applications, trademark registration, IP (Intellectual Property) and trade regulations, etc. The latest residential property sale information updated at (Jul 2023). The impact of Covid-19 on business travel and overseas assignments causes monthly rents to drop by an average of USD 549 to USD 10 769 (HKD 83 466). Its highly advisable to check the rent prices before considering a job offer in Hong Kong. Pick your favorite type of accomodation. The Smart City Blueprint 2.0 is one such initiative. Most expensive housing markets worldwide 2020, Average price of private permanent housing Hong Kong 2006-2021, by district, Monthly rent for grade A office real estate in Hong Kong Q1 2018-Q3 2022, by district, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. As of 2021, the minimum salary in Hong Kong is of HK$ 37.5 per hour (roughly 4.85 USD). Additionally, increment percentages also differ by industry and experience: Heres how it varies based on experience: According to Salary Explorer, dentists earn the highest salary in Hong Kong, averaging around 80,500 HKD monthly. 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. Oppenheimer should eventually be released on Peacock rather than Netflix, (HBO) Max, or Disney+, given Universal's deal with the streamer. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Skip to Content. As of 2021, Hong Kong has admitted over 9000 talented job seekers from 11 different countries. (February 6, 2023). Chart. But ensure you go through this average salary guide before you decide. Learn Chinese, Travel, Study or Work in China and Asia, Updated on February 24, 2022 by Sapore di Cina Leave a Comment. When compared to countries in East Asia, such as Thailand and Myanmar, Hong Kong shows a low inflation rate. Figures for earlier years have been taken from previous publications. The value of the products is rather high. Expatistan also claims that Hong Kong is 59% more expensive than Berlin, 70% more expensive than Madrid, 15% more expensive than Los Angeles, 10% cheaper than New York City, and 22% more expensive than Paris. Again, the average bill is based on the average consumption of water, electricity, gas, and conditioning. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Necessary" category . Additionally, the total amount of product exports to the US, Mainland China, and Europe rose sharply as a result of high import demands and robust trading and production. This dire financial situation has had an expectedly negative effect on the rental market, with the value of accommodation plummeting.. This country has the highest level of life in entire Asia thanks to the intelligently developed infrastructure and government. From the initial job search, to bargaining salaries, this guide will help you to find job in most countries around the world. This amounts to USD 55,928 as per the exchange rates in April 2023. If that's not enough, you can also opt-in for a 3-bedroom apartment in the city center that will cost you HKD 38,166 (USD 4,861) on average. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. They are simply used to track how a user has behaved on your website or a call-to-action. Hong Kong has more than ten great outdoor retail markets that the local shops and boutiques will never beat. Chart. Email: Jack.Firth@eca-international.com. But opting out of some of these cookies may affect your browsing experience. Live tracking and notifications + flexible delivery and payment options. Hong Kong: 1,566,000 2. Functional cookie placed by CleanTalk Spam Protect to store referring IDs and prevent unauthorized spam from being sent from the website. Old and young are encouraged to take part in the sporting programs in the country and the city of Hong Kong. As a Premium user you get access to the detailed source references and background information about this statistic. Lease HKD$19,500. Similarly, a bachelors degree holder will get a 24% higher salary than a diploma holder. Avoid going to expensive bars: A pint of beer can cost USD 10 in a regular bar. You only have access to basic statistics. 1 review How much would an average meal cost in USD? Hong Kong: average monthly office rent by district 2022 | Statista 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. According to the report, the average price of a home in Hong Kong in 2019 is more than $1.2 million. : 149269 Last Updated: 2023-07-03 Kiu Shing Building Sai Ying Pun 2 -bedroom 1 -bathroom SA 365 sf Rental HKD $15,000 Incl. 1 USD = 7.81737 HKD We use the mid-market rate for our Converter. As such, many people, even the wealthy, stay in the suburbs or surrounding islands and commute to the city center. What is the Cost of Living in Dubai for Expats in 2022? [Online]. The research compares rental costs in accommodation in areas typically inhabited by expatriate staff in over 360 locations worldwide. These are the average exchange rates of these two currencies for the last 30 and 90 days. Then you can access your favorite statistics via the star in the header. This growth was a knock-on effect of the nations success in mitigating the transmission of the Covid-19 virus, as well as repatriations of staff previously assigned to China and demand for talent in key industries in Taiwan which all resulted in increased demand, meaning that rents were able to stay consistent and even increase in many high-end areas.. Then you can access your favorite statistics via the star in the header. Taipei climbs twenty places in the latest rankings, while tourism hubs such as Bangkok and Hanoi fall. There remains a lot of uncertainty in the market and economic policies being tried by the government have ultimately resulted in the local currency dropping against the dollar. ", Hong Kong Housing Authority, Average monthly rent of public rental housing in Hong Kong from 2007 to 2022, by district (in Hong Kong dollars per square meter) Statista, https://www.statista.com/statistics/630606/hong-kong-average-rent-of-permanent-housing-by-district/ (last visited July 25, 2023), Average monthly rent of public rental housing in Hong Kong from 2007 to 2022, by district (in Hong Kong dollars per square meter) [Graph], Hong Kong Housing Authority, August 31, 2022. Since the prices for accommodation are far beyond the figures that your imagination can draw, the largest portion of the monthly income of an average Hong Kong citizen is spent on rent. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. SPORTS & LEISURE An active lifestyle and different leisure activities are supported in Hong Kong at the governmental level. The values represent the average living space as at the end of March of the year. According to the Census and Statistics Department, the 50th percentile of monthly salaries was 19,100 HKD (USD 2,433) in 2022. 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. Well also cover the three key benefits of outsourcing to Hong Kong. If you live in an apartment thats 12 square meters in Sheung Wan, you can pay around HKD 7,000 (USD 890) in rent, which is cheap by Hong Kong standards. Find out with your own Salary Calculation . Avoid eating out: Try to cook food at home and avoid eating out, at least during weekdays. Show publisher information . [Online]. The region has a strong information and communication industry, generating 95.6 billion HKD (USD 12.3 billion) worth of income and accounting for 3.5% of its GDP. InvestHK aims to make Hong Kong a global business hub in Asia. Please create an employee account to be able to mark statistics as favorites. Food and transportation are so cheap that the charts are not similar to any similar charts for America or Europe. 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. You won't receive this rate when sending money. Available: https://www.statista.com/statistics/1033380/hong-kong-island-average-monthly-rent-of-private-retail-space/, Average monthly rent of private retail spaces in Hong Kong Island from 2014 to 2019, Immediate access to statistics, forecasts & reports, Annual revenue of supermarket and grocery stores Australia 2013-2022, Grocery retail sales value of supermarkets Australia 2012-2022, Supermarket products as a share of industry revenue Australia 2021, Food and liquor retail turnover share Australia 2022, by retailing format, Leading hyper-stores and supermarkets in Asia-Pacific based on sales 2021-2026, Food sales of Woolworths Group Australia FY 2016-2022, Sales revenue of Coles Group FY 2022, by segment, Distribution of grocery shopping channels used Australia 2022, Distribution of grocery shopping channels used Australia 2022, by age group, Grocery shopping by store type in Australia 2023, Grocery shopping by store brand in Australia 2023, Grocery shopping frequency Australia as of February 2023, Purchase criteria for food in Australia 2023, Leading frustrations while shopping at supermarkets Australia 2022, Reasons to shop exclusively at supermarket chain Australia 2022, Distribution of online spending Australia 2023, by category, Annual growth in online retail spending Australia 2023, by category, Online grocery & beverage shopping by store brand in Australia 2023, Online grocery delivery service usage frequency Australia 2022, by service, Share of online grocery shoppers Australia 2022, by generation, Most commonly purchased groceries when shopping online Australia 2022, Reasons for grocery shopping online vs. offline Australia 2022, CPI change in grocery products in Australia 2021-2022 by product type, Share of households citing grocery expenses as a source of stress Australia 2021-2023, Planned actions in response to increasing grocery prices Australia 2022, Strategies adopted by grocery shoppers to save money Australia 2022, Changes made by grocery shoppers due to cost of living pressures Australia 2022, Average monthly rental of retail venues in New Territories, Hong Kong 2014-2019, Average monthly rental of private retail venues in Hong Kong 2019, by district, Average monthly rental of private retail venues in Kowloon, Hong Kong 2014-2019, Average monthly rental of warehouses in Hong Kong 2014-2019, Average monthly rental of warehouses in China 2014-2019, Tenants among the population of Belgium 2008-2017, Tenants among the population of Spain 2008-2017, Tenants among the population of Estonia 2008-2017, Tenants among the population of Slovenia 2008-2017, Tenants among the population of Switzerland 2010-2016, Tenants among the population of North Macedonia 2011-2016, Tenants among the population of Bulgaria 2008-2017, Tenants among the population of Austria 2008-2017, Tenants among the population of Latvia 2008-2017, Tenants among the population of Serbia 2013-2016, Supermarkets and grocery retail in Australia, Average monthly rent of private retail spaces in Hong Kong Island from 2014 to 2019 (in Hong Kong dollars per square meter), Find your information in our database containing over 20,000 reports.