Mumbai is not only India's most expensive city but has been included in the list of top 20 most-expensive cities in Asia for expatriates as its residential housing prices remain the highest in the world , according to a recent survey done by global consulting leader- Mercer. As per Mercer's 25th Annual Cost of Living Survey, Mumbai dropped down 12 spots and was ranked at the 67th position out of the total 209 cities that were surveyed.
"Costs of items such as eating out and utilities show decline, however, residential housing costs remain among the most expensive in the world, contributing to its top rankings in Asia and globally", the report said regarding Mumbai.
Meanwhile, the other Indian cities apart from Mumbai, that have been included in the list are New Delhi at 118th place, Chennai is ranked at 154th position, Bengaluru stands at 179th position, and Kolkata at 189th place. All the four cities have slipped in the list, as compared to last year.
"A relatively slower price increase in surveyed Indian cities and major currencies weakening against the US dollar has pushed our Indian cities down in the ranking," the Economic Times quoted Padma Ramanathan, India Global Mobility Practice Leader at Mercer, as saying.
The survey further noted that eight out of top ten of the most-expensive cities in the world for expatriates are Asian cities. This is resultantly due to high costs for expatriate consumer goods and a dynamic housing market.
It may be noted that the costliest city in the world is Hong Kong for the second consecutive year, followed by Tokyo, Singapore and Seoul.
(Edited by: Nehal Solanki)