HONG KONG (Jan 17): Hong Kong retained its title as Asia’s most expensive rental city for expatriates, while Singapore fell further down the ranking due to a slower economy and fewer relocations, according to consultancy firm ECA International.

Hong Kong sat atop the list with an average price of US$10,461 ($13,811) per month for an unfurnished, three-bedroom apartment in expatriate neighborhoods, according to results from ECA’s September 2017 accommodation survey. Tokyo held onto the No. 2 spot. Singapore slipped one spot to eighth.

“This is due to a slowing of economic growth and a net reduction in inbound assignments, exacerbating the surplus of higher-end properties on the market that would normally attract expatriates,” Lee Quane, a regional director for Asia with ECA, said in a Tuesday release on Singapore’s cost decline. “This oversupply has reduced average rent levels in Singapore for the past three years.”

Rents in many cities in China were on the rise. Shanghai was the most expensive city in the country, and Asia’s third most-costly, according to ECA.

Here’s the Top 10: