It's dear old Dublin no more as city now 72nd in cost league
DUBLIN'S reputation as one of the most expensive cities in the world is increasingly unjustified, after it plummeted from the top 10 to 72nd place.
The capital now lies way down the global list of expensive cities, according to Mercer's 2012 Cost of Living Survey.
The survey assesses prices ranging from a newspaper to a cup of coffee, to renting a two-bedroom apartment or buying a litre of milk.
In 2005, Dublin was the 10th most expensive city in the world, and during the boom it was regularly in the top 20.
The fall in the past year has been particularly steep, with Dublin ranked 42nd in the Mercer Cost of Living Survey in 2012.
A year later it was at 58th and now it ranks at 72nd.
"Dublin has fallen significantly in costs but it is by no means unusual, particularly in the eurozone area where most big cities suffered, particularly those in Greece and Spain," said Mags Andersen of Mercer.
ISME head Mark Fielding said the Mercer survey showed that Dublin was gaining competitiveness, a welcome factor which should bring further jobs.
"I wouldn't be throwing a street party just yet, we've still got a way to go to improve competitiveness further," he said.
He cited taxation, transport and petrol as factors that were "still holding us back".
The table of 214 major cities saw Tokyo named the world's most expensive city, followed by Luanda in Angola in second place and Osaka in Japan in third.
London fell in rankings from 18th place to 25th, because of a weak sterling against the dollar.
A weak euro contributed significantly to the slippage of capital cities all over the eurozone. Paris fell 10 places to 37th.
Meanwhile, New York was ranked the world's 33rd most expensive city, down just one place.
The other big difference in this year's Mercer survey was that six out of 10 Asian cities moved up the table. Osaka, Singapore, Hong Hong and Nagoya joined Tokyo in the top 10.
Chinese cities also moved up the table with Shanghai, Beijing, Shenzhen and Guangzhou all stepping up significantly.
In contrast, the world's cheapest major city to live in for business purposes is Karachi in Pakistan, finishing bottom at 214th.
Next lowest was Islamabad, also in Pakistan, followed by Managua in Nicaragua.
Belfast increased in relative expense from 178th place to 165th.