Bangkok has fallen by 19 positions in the ranking of the most expensive cities for foreigners to live in and is now in 49th place out of 360.
According to a recent study, the drop in prices in Bangkok reflects the serious impact of COVID-19 pandemic on the rental market in Thailand's tourism-dependent economy.
In Hanoi, there was a similar drop of 12 positions to 81st place, based on an analysis of data collected in September 2020.
The study uses average prices for renting a three-bedroom apartment in the middle price segment of the market, popular with foreigners.
For more than 20 years, a study of the cost of living for international executives has been conducted to help companies provide suitable housing options as part of a general compensation package for mobile employees. The study compares the cost of renting housing in areas usually populated by foreigners in more than 360 locations around the world.
Hong Kong has been named the most expensive place in the world for foreigners to stay for the fourth year in a row, but the cost of renting housing has still dropped significantly due to the effects of COVID-19.
Hong Kong retains its position as the most expensive housing for foreign workers, despite a decrease in the cost of rent by more than 5% compared to last year.
Taipei has risen twenty positions in the latest ranking, while tourist centers such as Bangkok and Hanoi have fallen.
New York and Tokyo remain in the second and third positions in the ranking.
Rental prices have declined in many places in Asia over the past two years, but this has been especially noticeable in places that rely heavily on foreign visitors and residents, such as Thailand and Vietnam.