ELECTIONS '98
COMMENTARY
SPECIALS
INTERVIEWS
CAPITAL BUZZ
REDIFF POLL
DEAR REDIFF
THE STATES
YEH HAI INDIA!
ARCHIVES

Bombay beats Singapore and Tokyo in cost of posh living index, is 3rd highest among 17 cities

The cost of luxury living is higher in Bombay than Singapore and Tokyo, while Warsaw and Johannesburg provide the best value in top-notch accommodation, an international survey has showed.

New Yorkers and Londoners share top ranking for expensive property in a survey of 17 cities released yesterday, compiled by property management company Frank Knight International, paying an average of 2.5 million US dollars for a deluxe four-bedroom home. The next dearest were Hong Kong, San Francisco, Bombay and Singapore.

But despite plunging property prices Hong Kong still has the world's most expensive two-bedroom houses, with the price tag set above one million US dollars against around 750,000 US dollars in London or New York.

The most expensive place to rent is London, where a four-bedroom town house in Kensington can cost 14,000 US dollars a month and a two-bedroom residence 3,860 US dollars a month.

The cheapest place for swank dwellings is Johannesburg, where a four-bedroom luxury home can be had for just 130,000 US dollars and a two-bedroom residence for just 36,500 US dollars.

The 17 cities, in order of expense, were: New York, London, Hong Kong, San Francisco, Bombay, Singapore, Munich, Madrid, Paris, Lisbon, Tokyo, Sydney, Milan, Shanghai, Auckland, Warsaw and Johannesburg.

Knight Frank International research manager Steve Mallen predicted that property values were more likely to fall than to rise as the world economic recession starts to bite.

''You have to remember today's prices are on the back of very strong economic growth, which came about from issues like being in a post-recession climate,'' he said.

UNI

Tell us what you think of this report