SINGAPORE - Accommodation is one of the top expenses when it comes to business and leisure travel, according to travel planner site GoEuro.com, and even tops the costs of transport and dining by 25 per cent and 40 per cent respectively.
GoEuro.com's Accommodation Price Index survey revealed that European and US cities dominated the most expensive accommodations list, with New York City taking the top spot. Macau was the only Asian city which appeared in the top 10, coming in at third place.
At the other end of the spectrum, Tirana in Albania, Hammamet in Tunisia and Bulgaria's Sofia were ranked the least expensive cities for rooms.
Shanghai, which was ranked one of the world's most expensive cities to live in by Forbes in 2014, was surprisingly named 10th cheapest city for accommodations. The Thai capital of Bangkok was ranked a few spots higher at number six.
The study also revealed trends such as an increasing number of travellers who are now favouring "unique" experiences and the "personal charm of staying in a shared accommodation" in the last decade.
The hostel and airbnb market are also growing as millennials are choosing such alternative accommodations over traditional hotels.
150 cities and over 60,000 properties were analysed on how the price affects travellers and the travel industry.