Hotels in Moscow and Mumbai lead the world in biggest rate drops since 2008

(Sailorr)

Hotel rates have dropped precipitously worldwide during the first half of 2009 but nowhere more so than in Moscow and Mumbai, according to the Hotels.com Hotel Price Index, issued October 21.

Prices in Moscow went from an average rate of $452 during the first six months of 2008 to just $218 a year later.

Mumbai's hotel prices dropped a staggering 42 percent, another consequence of the city's violent terrorist attacks of November 2008 that have deterred tourism in the region.

European cities witnessed the greatest number of price drops with 10 cities falling 30 percent or more, led by a 38 percent drop in Warsaw.

Top 15 Cities With the Biggest Hotel Price Drops

1.   Moscow: -52% to $218 per night
2.   Mumbai: -42% to $163
3.   Auckland:  -40% to $84
4.   Warsaw:  -38% to $93
5.   Singapore:  -35% to $141
6.   Prague:  -33% to $102
7.   Barcelona:  -32% to $155
8.   Dublin:  -32% to $122
9.   Beijing:  -32% to $111
10. Oslo:  -32% to $161
11. Vienna:  -31% to $138
12. New Delhi:  -31% to $133
13. New York City:  -30% to $196
14. Las Vegas:  -30% to $82
15. Edinburgh:  -30% to $155

Rates are based on US dollar prices paid by US travellers from the between January and June 2009, compared with the same period a year before.