Millennium Post

Mumbai slips from 17th to 28th in expensive rental cities list

Mumbai has slipped to 28th position in the list of world's most expensive locations for high-end rental apartments sought by expats but it still remains the costliest city in India, according to HR consultant ECA International.

Mumbai was at the 17th position globally last year, but its ranking has fallen to 28th in 2014 list of most expensive locations for high-end three-bedroom rental apartments, due to rupee depreciation. Rents for an unfurnished three-bedroom apartment in a sought-after area of Mumbai average $3,760 per month (Rs 245,000/month).

‘Mumbai remains India's most expensive location to rent a high-end three bedroom apartment and is the 7th most expensive in Asia,’ ECA International said in a statement.

Hong Kong remained the most expensive location in the world despite rents falling for the second consecutive year, followed by Moscow (2nd), Caracas (3rd), New York (4th) and London at the fifth position. ECA is the world's leading provider of knowledge, information and technology for the management and assignment of employees around the world.

It publishes annual accommodation reports for more than 180 locations to assist companies in formulating accommodation policy and fix housing allowance for international employees.

The ranking is based on data from these reports, which provide comprehensive information for locations worldwide on the rental trends, types of accommodation and districts commonly sought by expatriates.
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