The Most Expensive City in the World to Park is No Surprise
The 2017 Global Parking Index has been released, revealing the most expensive cities in the world for parking.
The index report is based on Parkopedia’s own dataset, which covers more than 50 million parking spaces across 6,500 cities in 75 countries. Prices in the index were calculated as the mean of corresponding parking rates for all publicly available off-street parking facilities in a city center based on Parkopedia’s global dataset, and was broken down in several categories including two-hour parking, day parking, and monthly parking.
In order to provide a comparison of the cost of parking around the world, PPP prices have been adjusted based on the theory of purchasing-power-parity (PPP), allowing for a comparison of the relative price of parking in cities and countries globally. In addition, to determine the relative cost of parking in each location, global prices were converted into USD using May 2017 currency exchange rates, as well as adjusted based on the published “Big Mac index” PPP January 2017 index.
The world’s highest short-term (two-hour) parking rate is found in two locations in New York City, charging $62 for two hours. On average, New York has the highest two-hour parking rates at $32.97, while Sydney’s average is $28.45. At least half-a-dozen locations in Sydney charge as much as $51 for two hours. Also in the top five from Australia are Brisbane ($21.77 average) and Melbourne ($21.56). Boston with an average of $20.80 round out the top five. The only cities in the top 10 not in the U.S. or Australia are London, U.K. ($16.26) and Tokyo, Japan ($15.16).
After purchasing parity power adjustment, however, New York and Sydney swap places, with Sydney topping the list at an average of $34.85, while New York is $32.97.
For daily parking, Sydney leads the way at an average of $46.73, while London is in second at $45.01. Also in the top five are New York ($41.58), Brisbane ($36.38) and Paris ($35.19). But after purchasing parity power adjustment, London edges out Sydney as the most expensive for daily parking with an average rate of $57.51.
When it comes to monthly parking, however, New York is the most expensive at $606.37. London is second at $603.89, followed by Zurich ($540), Amsterdam ($424.73) and Sydney ($390). After purchasing parity power adjustment, things change a bit for monthly parking. London ranks highest at $771.67 and Hong Kong makes an appearance at $722.43. New York falls into third at $606.37 followed by Amsterdam ($545.10) and Sydney ($475).