Business Irish

Friday 9 December 2016

Dublin still one of dearest cities to live in worldwide

Published 15/02/2012 | 05:00

DUBLIN remains one of the most expensive cities to live in in the world, despite a significant reduction in costs since the boom.

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The latest Worldwide Cost of Living survey from the respected Economist Intelligence Unit placed Ireland 23rd in the world's major countries.

That is down from 13 in 2009 and it is expected to keep falling as the Irish economy continues to struggle.

Overall, Zurich topped Tokyo to become the world's most expensive city, as the Swiss franc and Australian dollar pushed up the cost of living in both countries. Zurich and Geneva were ranked one and three in the survey, while five of the top 20 cities were Australian.

Haven

The Swiss franc's allure as a safe haven for investors moving their funds out of eurozone nations propelled Zurich to the top spot from fifth last year.

Sydney and Melbourne were in seventh and eighth place.

"Exchange rates have been the greatest influence for the Australian cost of living, with the Australian dollar seeing its value to the US dollar double in a decade," said survey editor Jon Copestake.

Canada's Vancouver overtook US cities to become the most expensive in North America, ranked 37th in the world. Los Angeles was the most expensive US city -- equal 42nd with Shanghai -- while New York, the benchmark for the survey, came in 47th.

Karachi in Pakistan was the cheapest of cities surveyed.

The survey of 130 cities worldwide compared more than 400 individual prices across 160 products.

Irish Independent

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