London may routinely win the dubious race to be the most expensive place in the world to buy a home but when it comes to rental property, it comes only fifth.

ECA International, a body that analyses expenses associated with globe-trotting business executives, says high-end rents for an executive's typical apartment - three bedrooms, in a sought-after area of the capital - have risen about two per cent in London in the past year and now stand at £5,000 per month.

Hong Kong has the honour of being the most expensive rental location, despite small rent falls; a comparable apartment in HK would now cost £7,350 pcm. 

Then comes Moscow and, perhaps surprisingly, Caracas in Venezuela - but that is because rampant inflation has pushed rents up in that country by an unsustainable 50 per cent in just one year. New York is fourth, just pipping London.

ECA International says its survey is cost-based and may not take into account some obvious property-related matters - perhaps most importantly, that a three bedroom apartment even in Hong Kong and New York, say, may be typically larger in space and may have better facilities than some in European cities.