Mumbai emerged as the most expensive Indian city for expatriates in Mercer’s 23rd annual Cost of Living Survey, outpacing even major global cities such as Paris, Canberra, Seattle and Vienna.
The country’s financial capital is placed 57th on the list, while New Delhi came 99th.
The improvement of ranking of Indian cities was not just on account of internal factors, but also because some global cities fell in ranking following currency volatility, especially in Egypt, Turkey and the United Kingdom, Mercer said.
Residential rental prices increased in Mumbai and New Delhi. Due to demonetisation, real estate sales market has been severely hit. However, the rental market benefited from the consumers’ sudden withdrawal from the purchase market, thereby putting pressure on rental prices, said Ruchika Pal, India Practice Leader, Global Mobility at Mercer.
Angola’s capital Luanda is the costliest city, driven by cost of goods and security, followed by Hong Kong and Tokyo at the second and third places, respectively. The survey includes 209 cities across five continents.
(source: Business Today)