Mumbai, 7th most expensive city in the world

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