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Mumbai becomes the 18th most expensive city for luxury living according to Julius Baer’s Lifestyle Index 2023 which ranks the world’s 25 most expensive cities. The lifestyle index is prepared by analysing residential properties, cars, business class flights, business school, degustation dinners, and other luxuries.
According to the Index, Asia has the maximum number of costly cities for luxury living. The continent has retained the position for the fourth year in a row. Singapore has emerged as the costliest city to live in across the world. In the last survey, Singapore was at the fourth spot behind Shanghai, Hong Kong, and Taipei.
Mumbai rose from the 24th spot last year to the 18th this year.
The rise in prices has been attributed to the post-pandemic surge in demand for travel and entertainment as pandemic restrictions were eased.
The survey found rising demand for travel and entertainment as pandemic restrictions were lifted and freedom returned. India's Mumbai rose to the eighteenth rank from the twenty-fourth rank last year
According to the Index, in the past year, prices in local currency for all Index items in the region have increased on average 13 per cent.
In particular, hotel suites (39.1 per cent), business class flights (32.9 per cent), and cars ( 25.2 per cent) have seen the highest average rises of all regions.
The Index highlights that the cities in developed economies like Tokyo continue to drop down in ranks. While cities in developing countries like Bangkok, Jakarta, and Mumbai have risen up the ladder on Index.
The developing countries in Asia have seen an impactful growth along with strong price rises in consumer goods. For instance, local currency prices in Jakarta rose an average of 22 per cent, the highest increase globally.
Commercial flights and private vehicles have seen the highest rise in prices according to the survey.
The survey expects the demand for hospitality and travel to grow even further.
