Mumbai among World's 20 Most Expensive Cities for Luxury Rentals

Bangalore: Over the years, property prices have elevated across the globe. According to the recent data from global consulting firm ECA International, Hong Kong has topped the list of most expensive cities for luxury rentals in world. Surprisingly, Mumbai in India has also managed to make it on the list with an average rental amount of 2,38,159 for a three-bedroom luxury apartment.

"Strong demand and a limited supply of suitable rental properties are pushing up rents for high-end property – in some cases quite dramatically," said Lee Quane, regional director of ECA International in Asia, in a press release, reports Megan Willett of Business Insider.

Below is the list of such expensive cities.

1) Mumbai, India

Worldwide rank: 17

To begin with India, the financial capital of India, Mumbai stood at the 17th place for most expensive cities for luxury rentals in the world. The city is offering a monthly rental value of around 2,38,159 for an average 3-bedroom luxury apartment. It is one of the most expensive Indian cities to buy as well as to rent property. Mumbai city is also one favorite hotspot for foreign nationals as well as for buyers who seek luxury properties.

Also Read: 15 Best Locations to Buy Home in India in 2013