New Delhi :  Mumbai has slipped to 28th position in the list of world’s most expensive locations for high-end rental apartments sought by expats but it still remains the costliest city in India, according to HR consultant ECA International.

Mumbai was at the 17th position globally last year, but its ranking has fallen to 28th in 2014 list of most expensive locations for high-end three-bedroom rental apartments, due to rupee depreciation.

Rents for an unfurnished three-bedroom apartment in a sought-after area of Mumbai average USD 3,760 per month (Rs 245,000/month), reports PTI.

“Mumbai remains India’s most expensive location to rent a high-end three bedroom apartment and is the 7th most expensive in Asia,” ECA International said in a statement.

Hong Kong remained the most expensive location in the world despite rents falling for the second consecutive year, followed by Moscow (2nd), Caracas (3rd), New York (4th) and London at the fifth position.

ECA is the world’s leading provider of knowledge, information and technology for the management and assignment of employees around the world.

“While rental prices in Mumbai have remained largely static over the past 12 months, a weaker rupee has meant that the cost of renting a 3-bed high end apartment actually fell by about 15 per cent when converted into US dollars for comparison.

Mumbai has fallen to 28th spot in the global list – down from last year’s 17th position,” ECA said. New Delhi fell in the global ranking from 29th to 43rd spot.

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