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Sunday 19 August 2018

Dublin is back in top 100 'most expensive' cities' list

Dublin city centre (Stock picture)
Dublin city centre (Stock picture)

Ian Begley

Dublin is now among the top 100 most expensive cities in the world, ahead of Abu Dhabi and Silicon Valley.

A report by ECA International showed the capital has jumped 48 places from 120 to become the 72nd most costly city.

"This is the first time Dublin has been in the top 100 since 2014, making it more expensive for expats and visitors travelling to Ireland," said ECA International's Steven Kilfedder.

"Thanks to the strength of the euro, Dublin is one of 18 European cities to enter the top 100 most expensive cities in the world this year."

In the UK, central London has risen 23 places to 109th, having dropped out of the top 100 last year for the first time in more than a decade.

Belfast remains the cheapest city in the UK.

Overall, the Venezuelan capital, Caracas, was ranked as the most expensive city, followed by Zurich, Switzerland.

The Irish Independent recently reported that the cost of renting a home continues to surge to levels well above those seen during the Celtic Tiger boom years.

It is now almost €3,000 a year dearer to rent a home than it was then. The average monthly rent nationwide during the first quarter of this year was €1,261.

Spending

ECA International's cost-of-living report allows businesses to ensure that their employees' spending power is maintained when they are sent on international assignments.

In March, a similar survey by 'The Economist' Intelligence Unit showed Dublin had overtaken London in a worldwide cost-of-living ranking because of the Brexit-induced weakening of sterling.

Mr Kilfedder added that hyper-inflation in Caracas over the past year was the cause of its first-place ranking.

"The economic situation in Venezuela has become increasingly volatile, with inflation reaching an astounding 7,000pc in the year to March 2018, and 1,800pc over the last six months alone," he said.

"The cost of goods has increased exponentially as the economic and political situation has deteriorated."

Irish Independent

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