If you thought Dubai rents were expensive, think again. Renting a three-bedroom place in Hong Kong will cost you around $9,700 on average per month, the highest in the world. A new survey of global rents by human resources firm ECA International puts Dubai in a lowly 13th place. The survey covered 2007 and is based on lease prices for a three-bed apartment in each city's most popular expat areas.

Hong Kong topped the list in 2006 as well, with an average rent of $8,592 per month. And that is just the average price.

A three-bed house in Repulse Bay, Hong Kong, spread over 4,000 sq feet, with stunning sea views will set you back $29, 500 per month.

Compare that with a 3-bed house on the Arabian Ranches in Dubai, which promises a fully landscaped garden with a sprinkler system, and a maid, and is available for around $6,580 per month. Though it doesn't have much of a sea view.

Moscow ranked second in the list, followed by New York City, where a three bedroom house in Tribeca, walking distance to plenty of upscale restaurants, art galleries and hot boutiques, with an area of 2500 sq ft, costs $12,000 per month.

While Tokyo (second on the list last year) and London take up the fourth and fifth place, six Asian cities fill then top 10. Mumbai is at six, Seoul at seven and Ho Chi Minh City tenth. Monthly rentals in Asia were on average were around $3,820, well above the global level of $2,950, ECA said.

Dubai remains the most expensive place to live in the Middle East (and has moved up one place on the global list) while Abu Dhabi, Sharjah and Doha rose by 19, 17 and 12 places respectively. The reason: high demand continues to outstrip supply. Although, with buildings sprouting up like mushrooms, surely this can't be far off?

According to the survey, Karachi is the cheapest city in the world to rent. A fully furnished flat (with LCD TV, washing machine) in Clifton, Karachi, complete with a "stunning décor" of paintings and antique carpets, costs around $ 40 per month.

Last year, Nairobi held that position with the average monthly rent nearly eight times cheaper than the equivalent in Hong Kong.

ECA, whose annual survey of rentals compares lease prices in 92 global cities, has been comparing rents worldwide for the past 10 years, and says that rental prices have increased by 22% on average.

According to the survey, some of the most significant increases in recent years have been in the Middle East, with rental prices in Doha and Dubai rising by approximately 130% and 100%, respectively, since 1996.

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