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

4) New York, U.S.

Worldwide rank: 3

New York is one of the most sought after city in United States and also an expensive city to buy and rent property. The healthy real estate market of New York offers rental price for an average 3-bedroom apartment is $ 9020 which is around 4,84,374 per month. Moreover, the rental laws in U.S are considered to be pro-landlord in nature.  Adding to it, potential buyers find it bit difficult to buy property in New York because of its complicated tax system, wherein the tax on rental income (Federal tax rate) is decided by the central authority which is progressive in nature.

5) Moscow, Russia

Worldwide rank: 4

The capital city of Russia, Moscow, is a costly city to buy property, where rental price for a 3-bedroom luxury apartment costs $8874 which is around 4,76,533 per month. Moscow’s Tverskaya and Patriarchy Ponds area are the best known areas among buyers who seek premium properties. Owning an apartment in such locations is a prestigious sign. The demand for luxury property in these areas remains high due to its close proximity to recognized infrastructure.

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