Dublin is the second most expensive city in the eurozone in which to live for foreign workers, a study shows.
Continually rising rental costs have seen the capital shoot up nearly 20 places in the past three years in the global study of the most expensive cities in which to live for expatriate workers.
The latest annual Cost of Living Survey from international HR consultants Mercer ranks Dublin 47th most expensive. Belfast is ranked 134th on the list.
Dublin has risen up the list for the past three years. Last year it was ranked 49th; a year prior to that it was ranked 51st and in 2013 it was 61st.
While a number of European cities are ranked higher Dublin is one of only three eurozone-based cities to make the list. Milan (ranked number 50) and Paris (44th) are the other two.
London and the Swiss cities of Bern, Geneva and Zurich third most expensive city Zurich are ranked higher.
“As in 2015, the survey identifies cost pressures on expatriate rental accommodation as a key factor in maintaining Dublin’s high ranking relative to other eurozone cities,” said Mercer Ireland’s Noel O’Connor.
“As the economy has improved, greater foreign direct investment has put increased pressure on the availability of rental accommodation for expatriates in Dublin,” he said.
Mercer’s annual study looks at a number of factors — currency fluctuations, rental movements, price of services and goods — and acts as a barometer for multinational firms when determining remuneration strategies for expatriate employees.
“As organisations’ appetite to rapidly grow and scale globally continues, it is necessary to have accurate and transparent data to compensate fairly for all types of assignments,” said Mercer senior partner Ilya Bonic.
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