As the world embarks on a Covid-19 economy, we look at why Dublin is an attractive destination for foreign direct investment companies.
While Ireland has enjoyed the fastest economic growth in the EU for four out of the last five years, many multinational corporations have been setting up shop on the Emerald Isle. Enticed by the favourable corporate tax, business-friendly government policy and a young, motivated workforce, Ireland has a lot to offer our new colleagues.
Ranked the third best city in the world for FDI in 2019, by the Financial Times, Dublin has become a melting pot of international success stories.
But what has drawn so many of the worlds leading businesses to Irish shores? And what is it that makes Ireland the right place to grow a multinational empire? We looked at the latest findings from the Why Dublin initiative, by Savills Ireland and Dublin Chamber, to find out.
Although Dublin is known for being a compact city, there are still plenty of property opportunities for those looking to relocate from overseas. With the expansion project of Dublin’s Docklands almost complete, developers are now focusing their energy towards the traditional south business core. New buildings are set to take the place of older office blocks, creating more space and functional units for companies to work from.
Companies working from Dublin can also benefit from varied and flexible lease terms, with typical agreements ranging between five to 12 years.
As Dublin’s population continues to rise, so too will the workforce. Experts are forecasting that the population of the Greater Dublin Area will grow from 1.9 million to 2.2 million by 2031.
With three universities and four institutes of technology, Dublin is currently producing 27,000 graduates per year. As well as this, the city is home to 42pc of people holding PhDs in Ireland.
Ireland also has an incredible ability to attract foreign talent. Currently, 21pc of Dublin’s population was born outside of the country. As the only official English-speaking country within the EU, many international workers choose Dublin as their career base.
1,400 FDI companies now operate from Dublin, and many corporations are choosing to follow in their footsteps.
With the welcomed influx of FDI companies, came a wave of employment opportunities. The number of FDI Jobs grew by 20,000 in the last five years.
Dublin is now home to nine of the top 10 global ITC companies, as well nine of the world’s top 10 pharma companies. 50pc of the worlds top banks are also located in the city, while Dublin’s International Financial Services area employs over 30,000 people.
With motorway links to all other major cities and towns across Ireland, Dublin is easily accessed by the rest of the country. Together, the over-ground tram system and the city train carry many of Dublin’s commuters to and from work with ease.
After completing the latest tram developments in the city centre, plans are now underway to connect the lines with Dublin Airport. The new metro line is expected to be in operation by 2027 and will see the 10km journey from the city centre to the airport reduced to a swift 10-minute tram ride.
As well as being well connected domestically, Dublin Airport is the 10 largest airport within the EU. The airport offers direct flights to 190 destinations and in 2019, it welcomed 32.9 million passengers.
Residential demands in Dublin have grown with the population in recent years. With large tech companies such as Airbnb, Google and Facebook all operating from the capital, the city has become a vibrant hub where professionals want to work, socialise and live.
As of Q1 2020, 27pc of the city’s households are now private renters. Renters can expect to pay anything from around €1,735 to €2,277 per month (*average, based on two beds).
The city and its developers are working to meet the demand for more living spaces and while Covid-19 may have slowed down construction in the earlier months of 2020, many residential construction projects are currently underway again within the city.
As well as the impressive job prospects that await workers in Dublin, the city’s culture and diversity can be enjoyed while living there. Thanks to its high number of international residences, the city boasts an exciting and multicultural environment.
Dublin is also steeped in tradition, which can be found in the art, music, architecture and food. It has a well-known social scene that attracted over 10.8 million overseas visitors in 2019.
From the globally loved atmosphere of Temple Bar, to the secret local spots that colleagues love to share with each other, there is something for everyone in Dublin’s fair city.
Savills Tenant Representation team provides specialist commercial property advice to corporate clients who wish to set up an office in Ireland, expand their operations, source temporary project space or dispose of excess accommodation. Talk to a member of our team today.