Rent in the capital is fifth most expensive in Europe for expats
A NEW international property report shows that expats living in Dublin are paying some of the highest rents in the world.
Dublin’s expat community saw ‘a steep rise’ in rents – jumping by €207 a month last year, according to global mobility experts ECA International.
The global mobility survey says rent paid by expatriates in central Dublin is now €3,613 a month on average, making it more expensive than many other major European capitals, including Paris and Berlin.
London retains the top spot for most expensive city in Europe for rental accommodation, costing on average €2,372 more a month than Dublin, according to the analysis.
Dublin remains the fifth most expensive location in Europe for rent, according to the latest ECA Accommodation Ranking report which analyses rents paid by expats here and in other countries.
The 6% rise in rent paid makes the city costlier than other EU capital cities such as Paris at €3,461, Berlin at €2,354 and Madrid at €2,393.
Alec Smith, accommodation services manager at ECA International, said: ‘Dublin has once again seen one of the steepest year-onyear increases of rents in Europe, at just over 6%.
‘The increase is partly due to the continuing increase of international companies relocating staff to the city, elevating the demand for expatriate-standard housing.’
London continues to hold the top spot for the most expensive rental accommodation in Europe for expats, with an increase of €140 per month. The average expat payment for a three-bedroom, mid-range home is now €6,115 per month in the English capital.
‘London remains attractive to workers in the UK and from abroad, despite anticipated economic disruption from Brexit. In addition to this, the phasing out of tax relief on mortgage interest payments for buyto-let landlords has acted as a brake on supply,’ Mr Smith said.
‘Removing this tax relief has had the intended effect, a reduction in the number of new buy-to-let landlords, but a knock-on effect has been a reduction in the availability of rented accommodation.’
The biggest rise in rental amounts paid by expatriates in Europe was in Cyprus, with average monthly rent in Limassol up €128 last year to €1,058, and rent in the capital Nicosia up €120 a month to €1,079.
Many German cities also experienced big jumps in the average rent paid, with increases of over 6% on last year in Munich, Berlin and Stuttgart.
‘There has been a property boom for the last ten years in Germany, as its high quality of life, policy benefits for expats, and sustained growth in employment rates and GDP makes it an attractive area to live and set up business,’ Mr Smith said.
‘Home ownership is also very low, with the percentage of renters in Berlin being as high as 85%; construction capacity has been lagging behind this high demand and there is a critical housing shortage.’
Hong Kong has been named the most expensive location in the world for expat accommodation, for the third year in a row, with the average monthly rent paid standing at a staggering €9,456, an increase of more than 3% on the previous year.
Average in Dublin is €3,613 a month