Expensive Asia-Pacific cities

Financial Mirror

17th Jan 2008

"Among the top ten most expensive cities, four are in Asia: Hong Kong, Tokyo, Singapore, and Mumbai.

Residential apartment prices in Hong Kong range from US$10,490 to 14,780 per sq. m., in Tokyo from US$7,600 to US$11,870 per sq. m., and in Singapore from US$11,500 to US$13,340 per sq. m.

Mumbai is a notable exception among the ten most expensive cities; it is located in a poor country, albeit rapidly growing. A mix of high population density, archaic land laws, rapid urbanization and strong economic growth contributes to the surprisingly expensive property prices in Mumbai.

Property prices in Mumbai are around US$8,600 to US$10,300 per sq. m. This is significantly higher than New Delhi (prices at US$1,970 – US$3,260 per sq. m.) or Bangalore. Despite equally rapid economic expansion, property prices in Bangalore are still among the cheapest in the world at US$950 – US$1,900 per sq. m.."

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