The average monthly rent for a 77sqm, two-bedroom flat in Shibuya is 324, 875 yen, while in Meguro, a 94sqm, two-bed flat rents for 358, 875 yen a month.

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Rents have been flat in most major centers, except for Moscow, where there isn't much available space.

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With Guangzhou's office rents forecast to be flat at best, landlords will see incomes fall as inflation and rising wages boost costs, says John Affleck, an international economist with PPR.

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While wages can still be taxed progressively, this allows a flat rate for dividends, capital gains and rents.

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Rents are cheap: a renovated four-bedroomed flat costs as much as a claustrophobic London studio.

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The average price for a flat in Gangnam is around 808 million won and an 185sqm apartment rents for around 6.5 million won a month.

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In the 5th arrondissement, a flat of the same size sells for upwards of 260, 000 euros and rents for around 900 euros a month.

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Alternatively, if rents continue to rise at their current annual pace of 2.5%, house prices would need to remain flat for over ten years to bring America's ratio of house prices to rents back to its long-term norm.

ECONOMIST: Global house prices