London is world's most expensive parking spot: survey

SINGAPORE (Reuters Life!) - As if rising gasoline prices weren’t enough, motorists are being hit by higher parking charges, with London coming up tops as the world’s most expensive city to park your car, according to a survey.

A four-wheel drive (4x4) vehicle drives through central London March 11, 2008. REUTERS/Alessia Pierdomenico

Parking your car in the City, London’s financial district, costs on average $68.07 a day, or $1,166.87 a month, while parking in the popular West End entertainment district cost $1,135.76 month, according to an annual survey by real estate firm Colliers International that was conducted in June.

Sydney, Australia, came in second, with parking costing $774.76 a month, closely followed by Hong Kong at $742.40 a month. Perth, also in Australia, was fourth at $610.42 a month.

In the United States, New York City’s Midtown was the priciest place to park at $585 a month, followed by the city’s Downtown at $462 a month.

“We continue to observe a direct correlation between the rising cost of monthly parking and the ongoing strength of the office real estate market,” said Ross Moore, director of market and economic research at Colliers International.

“This dearth of parking and accompanying rise in cost, coupled with skyrocketing fuel prices exacerbates the everyday headaches faced by commuters.”

The Colliers survey tracked 64 downtown areas in the United States and Canada as well as 74 cities in Europe, the Middle East, Africa, Asia and Latin America.

In Europe, Stockholm was the second most expensive place to park after London ($508.92 a month) while Santiago, Chile was Latin America’s priciest place at $200 a month.

In the Middle East and Africa, Tel Aviv, Israel and the Gulf city of Dubai were tied at the top spot with monthly parking costing $198.48 while Cape Town, South Africa, came in second at $137.77 a month.

And if you’re looking for the world’s cheapest place to park, head to Jakarta, the car-clogged capital of Indonesia, where monthly parking costs a mere $26.07.

(Reporting by Miral Fahmy; Editing by Alex Richardson)

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