If you think park­ing is ex­pen­sive, be glad you aren’t in NYC or Syd­ney

Metro Canada (Vancouver) - - WHEELS - Ja­son Siu

The 2017 Global Park­ing In­dex has been re­leased, re­veal­ing the most ex­pen­sive cities in the world for park­ing.

The 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.

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 short­term (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 power par­ity 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 PPP 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, 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 PPP 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).

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