The financial hub of the country – Mumbai is always the economic capital of the country. The economic growth of Mumbai has been the backbone of the city, which has helped in the development of real estate in Mumbai. Mumbai is not only the financial hub of the country, but also the most costly real estate market in the country. Mumbai is known for its expensive properties and housing units.
Though Mumbai is the costly real estate market, it is the cheapest city to live and work in the world among other 12 top metropolitan cities of the world according to the Savills World Research. The most expensive cities to live in the world are London, Hong Kong and New York. Out of these cities, London tops the chart making it difficult for companies to accommodate its employees.
For companies to accommodate its employees in Mumbai has increased up to 2.4% from the year 2008 and now costs up to $29,088. The next cheapest metropolitan city in the world is Shanghai which has increased up to 15.6% from the year 2008 and has reached $38,089.
Hong Kong has shown an increase of only 0.4% and the cost of living in New York has increased about 28.4%. The cost of residential and office space rental on each individual in London has reached $118,425 in the first half of 2015, which has gone up about 20.7% from the year 2008.
The city which has seen a tremendous increase in terms of cost of living for accommodation of employees from the year 2008 is San Francisco with an increase of about 59.8%. Out of the 12 metropolitan cities in the world, cites that have conquered the first three position as most expensive cities are London, Hong Kong and New York.
Though Mumbai is the cheapest city for accommodation of employees, it is the costliest cities in terms of real estate. Mumbai has a special place among other global cities due to its economic and financial growth. It attracts towards it many investors due to the importance and fame that it enjoys globally. The cost of living and working in Mumbai city was only $28,394 per year in December 2008 but now it has increased to $29,088 per year by June 2015.
Though Mumbai city is the cheapest among the other world cities, it is the costliest city in terms of living and real estate in India. This financial hub of the country lures investors from both within the country and from across different countries in the world. The recent growth of real estate in Mumbai has reached new heights due to its industrial and commercial development. This most sought-after city in the country is known for high cost of living among other cities in the country but the cheapest city to accommodate employees internationally. The average cost of living in all cities across the world has shown a significant increase annually and Mumbai is one among it.
Sulabha writes about various real estate news and trends for indiaproperty.com, which is a leading online portal that caters to all property in mumbai requirements of people. It is a common platform where home buyers, sellers and real estate professional exchange information.