Mumbai's residential rental second highest in Asia

The rise in the Mumbai's residential rental is the second highest in Asia according to a report by Hong Kong-based HR consultancy major ECA International.

According to the report, Mumbai recorded second highest annual growth of 21 per cent in residential rental after 33 per cent for Singapore in 2007.

Mumbai is now, Asia's third and the world's sixth most expensive location to rent a three-bedroom apartment.

Mumbai is now more expensive compared to other cities such as Seoul, Singapore, Paris, Shanghai, Dubai, Beijing, St Petersburg, and Amsterdam.

According to ECA, New Delhi, the second costliest city in India is Asia's ninth and the globally ranks 22nd in terms of residential rentals.

Singapore witnessed the highest increase in Asia with the residential rental rates for a three-bedroom apartment increased by more than 30 per cent from 2006 to 2007. The city is now the fifth most expensive residential location in Asia, after Hong Kong, Tokyo, Mumbai and Seoul.

Hong Kong also tops the global ranking in terms of residential rentals, followed by Moscow, New York NY, Tokyo, London, Mumbai, Seoul, Caracas and Singapore.

According to ECA, the high rental prices in Moscow, New York, Tokyo, London and Seoul reflect high living costs in these locations and in Mumbai and Ho Chi Minh City, increasing demand has boosted the prices.

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