SYDNEY (Reuters Life!) - Londoners who drive to work are being hit with the highest parking prices in the world, according to a global survey that found parking prices appear to be holding steady despite the economic downturn.
Property consultancy firm Colliers International compared the average prices of parking for a month in 140 downturn districts in its second annual global parking rate survey.
It found motorists parking in the City of London topped the list for the second year running, paying an average of $1,020 a month for their spot, followed by people parking in the London West End who fork out an average of $956 a month.
"Highlighting how parking appears to be somewhat immune to the economic downturn, in local currency terms, both London markets registered a modest increase from 2008 levels," said a statement from Colliers International.
Drivers in Amsterdam came third in the list, paying an average of $805 a month, followed by Hong Kong drivers paying $745. Sydney motorists were given a slight reprieve after coming third in the list last year, slipping to fifth place with an average monthly bill of $657.
Rounding out the top 10 in the global parking rate survey were Manhattan, Brisbane, Tokyo, Perth and Zurich.
Dropping out of the top 10 this year were Stockholm and Dublin.
The cheapest city to park in this year's survey was Chennai where parking costs $0.96 for a day, replacing Delhi which was the cheapest place to park last year.
Reporting by Belinda Goldsmith, Editing by Miral Fahmy