Counter Culture / May 18, 2022

Dublin in top 10 ‘most expensive’ cities in the world

Counter Culture / May 18, 2022

Dublin in top 10 ‘most expensive’ cities in the world

Words: Eva O’Beirne

The average Dubliner accumulates 782 euro worth of debt each month.

A study by the UK insurance group CIA Landlord compared cities on the basis of disposable income.

Determined by subtracting the cost of living and the average cost of rent from the average salary, Dublin was found to be the seventh-most expensive or least financially viable city of 56 major cities worldwide.

The finding was made on the basis that average monthly salaries in the Irish capital were 3,035 euro while the average rent paid for a three-bed apartment in the city was 2,910 euro.

Monthly cost-of-living expenses were 889 euro leaving a gap (or debt) of around 782 euro per month.

The research found the least financially viable city was Rome, followed by London, Lisbon, Mexico City and Paris.

Among the top 10, Dublin had the second-highest average monthly salary after tax behind London but also had the second-highest average monthly rent, again coming in behind the English capital.

Dublin’s monthly cost of living was fourth-highest among the top 10 cities, behind London, Seoul and Paris.

The news comes as recently announced that the average monthly rent in Ireland is now 1,567 euro, up 11.7 per cent since 2021. This was more than 50 per cent higher than the Celtic Tiger peak of 1,030 euro per month, seen in the first quarter of 2008.

Only 851 homes are available to rent on as of this month – the lowest number since 2006.

Elsewhere on District: 15,000 holiday homes available on AirBnb but only 851 available to rent nationally