Saturday, October 10, 2015

Mumbai world’s cheapest city : Report::

October 10, 2015•by Arunsathyan
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Mumbai has emerged as the world's
cheapest city to live and work in,
among 12 top metropolitan cities of the
world. London, Hong Kong and New
York are the world's most expensive
cities for companies to accommodate
employees, with costs in London going
through the roof, says Savills World
Research. The cheapest city in the index
is Mumbai, where it costs just $29,088
to accommodate an employee, up only
2.4% since 2008, while Shanghai comes
in at $38,089, up 15.6%.
On comparison, the index which
measures the combined cost of
residential and office rental per person
per year found that London's costs
averaged $118,425 in the first half of
2015, an increase of 20.7% since the
index was launched in 2008. This is
marginally more expensive than Hong
Kong where costs have risen just 0.4
per cent since 2008, and New York
which has seen 28.4% growth. San
Francisco has been the biggest riser,
with growth of 59.8% since 2008.
The average cost per head across the
12 leading world cities in the Savills
study is $74,945 per year, which is 1.4
times the average city GDP per head of
population. Three cities – Tokyo, Dubai
and Singapore have all seen live/work
costs fall between minus 8% and minus
16.6% over the period since 2008.