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Mumbai, 7th most expensive city in the world

Last updated on: May 22, 2007 19:09 IST
As India witnesses a spurt in property prices, its financial capital Mumbai has been ranked as one of the world's top 10 most expensive locations, in terms of accommodation cost.

Mumbai, which is ranked seventh, is followed by Shanghai, on whose lines the government is planning to develop the Indian financial hub.

The list comprises Hong Kong, Tokyo, New York, Moscow, Seoul, London, Mumbai, Shanghai, Caracas (Venezuela) and Paris (in order of their position), according to a study by International Human Resource organisation, ECA International.

"High rentals in Tokyo, New York, Seoul, Moscow, London and Paris largely reflect high living costs in these locations, while Mumbai, Shanghai and Beijing suffer from a shortage of modern and well equipped properties, pushing prices up for those properties that do," ECA International Hong Kong General Manager Lee Quane said.

However, Caracas, capital of Venezuela, makes to the list of top 10 expensive cities for renting an apartment as people have to spend huge amounts on security, Quane said.

In April, Finance Minister P Chidambaram said the government will shortly set up a committee to lay a roadmap to make the city the heart of international financial activities.

Mumbai is the prime choice for many multinational firms for establishing their base as they expand operations, which is on the way to be transformed into international financial hub, Quane said.

Though five of the top 10 most expensive locations are in Asia, the list of world's cheapest locations to rent a three-bedroom apartment does not include any Asian city.

World's most expensive locations to rent a three bedroom apartment

Rank

Location

Country

1

Hong Kong

HONG KONG

2

Tokyo

JAPAN

3

New York

USA

4

Moscow

RUSSIA

5

Seoul

KOREA REPUBLIC

6

London

UNITED KINGDOM

7

Mumbai

INDIA

8

Shanghai

CHINA

9

Caracas

VENEZUELA

10

Paris

FRANCE

11

Beijing

CHINA

12

Ho Chi Minh City

VIETNAM

13

Istanbul

TURKEY

14

Dubai

UAE

15

Singapore 

SINGAPORE

World's cheapest locations to rent a three bedroom apartment

Rank

Location

Country

1

Nairobi

KENYA

2

Charlotte NC

USA

3

Atlanta GA

USA

4

Ankara

TURKEY

5

Dallas TX

USA

6

Muscat

OMAN

7

Accra

GHANA

8

Minneapolis MN

USA

9

Wellington

NEW ZEALAND

10

Quito

ECUADOR

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