LONDON is the most expensive city in the world for car parking, according to the latest survey of charges in 156 urban areas.
Popular on LondonNet
Research by Colliers International shows that parking rates in central London are about 20% higher than Zurich, the next most expensive city.
Colliers found that average monthly charges were $1,083 (about £670) in The City and $1,014 (£630) in the West End. Zurich’s average came in at $822 (£510), with Hong Kong, Rome and Tokyo all near the $745 mark (£460).
New York, at $540 (£335) posted monthly car parking rates at nearly half those in London.
“London has consistently ranked as the most expensive parking garage market in the world by a significant margin over the past four years,” said Ross J. Moore, Colliers’ chief economist.
* Britain’s most expensive parking space is thought to be a spot in an underground carpark in Knightsbridge, which was recently bought for £200,000. Just to rub it in, there’s a £710 annual service charge. Even after all that expense, arithmetic gurus have worked out that, over the 90 years of the lease, the parking space comes in at 33p an hour, about 90% less than for a normal space in the area.
