Bloomberg News

London and Oslo Are World’s Costliest Cities to Park a Car

July 13, 2011

(Updates with U.S. data starting in fourth paragraph.)

July 13 (Bloomberg) -- London has the highest monthly car parking costs in the world and Oslo has the highest daily rate, according to a study by real estate consulting firm Colliers International.

Bankers, executives and others employed in the City of London, the U.K. capital’s main financial district, pay on average $1,084 a month to park their vehicles in the neighborhood, according to a study of 156 locations around the world published by the firm today. Parking in Oslo’s business district costs $89.04 a day, the study showed.

“London has consistently ranked as the most expensive parking garage market in the world by a significant margin -- 25 to 35 percent over the past four years,” Ross J. Moore, Colliers’ chief economist, said in a statement.

Parking prices increased in every region except the U.S. during the past 12 months, according to Colliers. The cheapest city to park in is Jakarta at 92 cents a day, $88.12 less than in the Norwegian capital.

On a monthly basis, London’s West End district was the second-most expensive at $1,014, followed by Zurich at $822 and Hong Kong at $744.72, which edged out Tokyo at $744, Colliers said. The priciest daily parking locations were Copenhagen at $73.11 and Melbourne at $69.53, the study showed.

Seattle-based Colliers surveyed the costs of parking in a covered or underground lot in 156 business districts around the world. Manhattan’s midtown and downtown areas are the 17th and 18th most expensive areas at $541 and $533 a month. On a daily basis, Midtown ranked 15th at $41 day and downtown 35th at $30.

--Editors: Jeff St.Onge, Christine Maurus

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net


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