June/July 2010  VOL. 3

Investment Notes

The world’s top global cities remain amongst the most expensive places to park a car, according to the 2010 Global Parking Rate Survey by Colliers International. Leading the list of the most expensive cities to park a car for a month is London.

The City and West End submarkets ranked number one and number two in the world with monthly parking rates in The City topping the global list at $933 USD per month (£643.00 GBP), followed by the West End at $874 USD (£602.00 GBP). Parking rates in The City increased 2.1% over the past 12 months while West End rates increased 2% (in local currency terms) from 2009 levels.

In third spot was Hong Kong at $745 USD per month ($5,800 HKD). Interestingly two Australian cities again made the top 10 list: Sydney at number six and Perth at number seven (Brisbane was not far out of the top ten coming in at 14).

The highest daily parking costs were dominated by European cities with Oslo in the global number two spot at $54.52 (352.00 NOK) followed by London’s City submarket, London West End, Amsterdam, Vienna, Athens and Copenhagen all making the top 10 list.

For this year’s survey, Abu Dhabi, UAE was the recipient of the number one position as the world’s most expense place to park for the day at $55 USD. The cheapest city to park is again Chennai, India, at 96 cents for the day.