Dublin ranked 41st most expensive city for international workers
Dublin ranks as the 41st most expensive city in the world for international employees, the 2024 Cost of Living City Ranking survey from Mercer shows, ten places higher than last year.
This means that Dublin is more expensive than cities like Edinburgh, Milan, Rome and Madrid, but it is still behind major European cities like Berlin (31st), Amsterdam (30th) and Paris (29th).
London is considerably more expensive than Dublin and is ranked 8th overall.
The people behind the survey said that while Dublin was ranked higher this year, the cost of living remains relatively stable for international workers. While prices are up, they are still low relative to other, nearby places, Mercer adds.
That means the city remains attractive to those seeking or being asked to take up overseas roles.
Today’s survey shows that Hong Kong is ranked the most expensive city, followed by Singapore.
Four Swiss cities – Zurich, Geneva, Basel and Bern take up third to sixth place in the survey – followed by New York, London, Nassau in the Bahamas and Los Angeles.
“Cost-of-living challenges have had a significant impact on multinational organisations and their employees,” said Yvonne Traber, Mercer’s Global Mobility Leader.
“It is important for organisations to stay informed about cost-of-living trends and inflation rates and seek input from employees on these issues to effectively manage their effects,” she added.
Mercer said that rising housing costs in many cities around the world have made talent mobility a challenge for employers.
The company also noted that volatile inflation trends are eroding the purchasing power of international assignees and putting additional strain on their compensation packages. These factors can make it difficult for employers to attract and retain top talent and can increase compensation and benefits expenses, limit talent mobility, and raise operational costs.
“High living costs may cause assignees to adjust their lifestyle, cut back on discretionary spending or even struggle to meet their basic needs,” Ms Traber said.
“To offset these challenges, employers can offer compensation packages that include housing allowances or subsidies or provide other support services. They can also explore alternative talent sourcing strategies,” she said.
“Cost of living is a key consideration for multinational businesses making decisions on site selection and expansion,” said Danny Mansergh, Head of Career Consulting at Mercer.
“High demand in the private rental market, often the biggest cost for companies placing employees on assignment, along with such items as utility costs, present challenges for employers of international assignees,” he added.
He noted that despite placing higher in this year’s ranking, Dublin’s cost of living for expatriates remained relatively stable.
“As inflation pressures have eased, increases in the cost of expatriate rental accommodation, as well as goods and services, were relatively low in Dublin and in line with Western Europe. Dublin remains an attractive location for expatriates when they elect to go on assignment,” he added.
Article Source – Dublin ranked 41st most expensive city for international workers – Mercer – RTE
