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

6) Tokyo, Japan

Worldwide rank: 5

The capital city of Japan is one of the most preferred cities in the world to buy luxury property. Tokyo’s rental laws are known to be pro-landlord in nature. According to the law, landlords have an option to demand for deposits up to three months as well as can negotiate on the rent that suits them the most. Moreover, in Tokyo, the rental income tax is comparatively low, which is around 10 percent for non-resident property holders. However, foreign nationals need to pay inheritance tax as applicable. In Tokyo, the average monthly rental amount for a 3-bedroom apartment is nearly $8726 which is around 4,68,586.

7) London, UK

Worldwide rank: 6

London is the capital city of the United Kingdom. Besides its fastest growing nature, London is one the favorite hotspot for luxury property buyers. After the formation of new government, the interest rates on property have got little relaxation which attracts potential buyers to buy property. Moreover, the rent on properties can be agreed freely by both the landlords and the tenants. The average monthly rental amount for a 3-bedroom apartment is nearly $7859 which is around 4,22,028.

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