Dublin now as expensive as New York

DUBLIN is moving up the ranks of the most expensive cities in the world in which to live, according to a new report.

The Mercer Cost of Living survey, which covers more than 144 cities, shows that Dublin is now the 10th most expensive city to live and work in. Three years’ ago, the capital was not in the top 20 costliest cities worldwide.

The world’s most expensive city to live in is the Japanese capital Tokyo, followed closely by Osaka.

The survey, which measures the cost of 200 items including housing, transport, food, clothing and household goods, shows that Dublin is the fourth most expensive city in Europe behind London, Moscow and Geneva.

Other high-scoring cities include Copenhagen ranked eight, Oslo, which has moved up from 15th to tenth place due mainly to the appreciation of the Norwegian Krone against the US dollar, and Milan ranked 11th.

Dublin is ranked 13th most expensive city in the world. This ranking puts the Dublin on a par with New York, which remains the most expensive city in North America.

Interestingly, the EU accession states are moving quickly up the rankings.

“Many cities in the new EU accession countries have risen sharply in the rankings this year, as they make strides to bring their economic infrastructure up to EU standards,” said Lorna Byrne, Mercer’s senior consultant.

“Central and Eastern Europe are becoming increasingly attractive for investment by multinationals. Warsaw, Prague and Bratislava have all risen by more than ten places.”

Romanian capital Bucharest is the least expensive European city in 103rd place. Following the devaluation of the Argentinean currency in 2002 and the subsequent financial crisis, cities in South America remain among the cheapest in the survey. Asuncion in Paraguay is the least expensive city globally.

Other cheap cities include Buenos Aires, Montevideo and Caracas.

Ms Byrne added that Chinese cities have dropped significantly in the rankings as the currency is pegged to the US dollar and has been affected by its depreciation

Auckland and Wellington moved up in the rankings this year to positions 69 and 76 respectively due to the significant appreciation of the New Zealand dollar against the US dollar.

Sydney is still the most expensive city in the region at 20th place.