Dublin is still the second most expensive city in Eurozone for expats to live
The strengthening dollar against the euro means that Dublin - along with its fellow Eurozone members - have fallen down the rankings in terms of most expensive destinations for expatriates to locate to.
According to Mercer’s 2017 Cost of Living Survey, Dublin is the 66th most expensive city in the world for expats in terms of cost of living.
However, despite this, Dublin is once again the highest ranked city in the Eurozone, behind Paris.
"The survey identifies cost pressures on expatriate rental accommodation as a key factor in maintaining Dublin’s relatively high ranking when compared to other Eurozone cities," Noel O’Connor, Principal at Mercer Ireland said.
"Dublin remains a very attractive location for both expatriates and multinationals. When companies relocate employees, they need information on the cost of living differences between cities."
In the top 10 list of most expensive cities for expatriates, there are only three European cities - and all in the one country. Zurich is still the most costly European city on the list (in 4th place), followed by Geneva (7th place) and then Bern (10th place)
The strong appreciation of the ruble against the US dollar and the cost of goods and services led to the surge in ranking of Moscow (14th place) and St. Petersburg (36th place).
And as a result of the pound weakening against the US dollar following the Brexit vote, UK cities also fell in ranking: London (dropping thirteen spots to 30th place), Aberdeen (146th) and Birmingham (147th)
Cities in the US are the most expensive locations in the Americas, with New York City (9th) ranked as the costliest city, climbing two spots from last year.
Multinational organisations are carefully assessing the cost of expatriate packages for their international assignees.
"Globalisation of the marketplace is well documented with many companies operating in multiple locations around the world and promoting international assignments to enhance the experience of future managers," said Ilya Bonic, Senior Partner and President of Mercer’s Career business.
"There are numerous personal and organisational advantages for sending employees overseas, whether for long- or short-term assignments, including career development by obtaining global experience, the creation and transfer of skills, and the re-allocation of resources."
Mercer’s 2017 Cost of Living Survey finds Asian and European cities – particularly Hong Kong (2nd), Tokyo (3rd), Zurich, and Singapore (5th) – top the list of most expensive cities for expatriates.
The costliest city, driven by cost of goods and security, is Luanda (1st), the capital of Angola.
Other cities appearing in the top 10 of Mercer’s costliest cities for expatriates are Seoul (6th) and Shanghai (8th)
The world’s least expensive cities for expatriates, according to Mercer’s survey, are Tunis (209th), Bishkek (208th), and Skopje (206th).