Dublin has jumped into the top 50 list in a global index which looks at the most expensive cities for expatriate employees.
The city has moved up 10 places since last year to be ranked 41st in Mercer’s 2024 cost-of-living city ranking, ahead of cities such as Milan, Rome and Madrid.
Dublin jumped up the list thanks to factors including the general cost of living and rental prices, according to those behind the list.
However, despite the move up the rankings, living costs in Dublin remained relatively stable in the year, said Danny Mansergh, head of career consulting at Mercer.
“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,” he said. “Dublin remains an attractive location for expatriates when they elect to go on assignment.”
Hong Kong retained the top spot in this year’s ranking, followed by Singapore. Swiss cities Zurich, Geneva and Basel round out the top five most expensive cities.
Belfast was placed at 87 on the list.
New York was ranked at 7, London at 8, while Paris was placed in 29th.
The index includes 226 locations across the world. It measures the comparative cost of more than 200 items in each location, including transport, food, clothing, household goods and entertainment.
Abuja in Nigeria was ranked least expensive in the survey, at number 226.
Rising property prices
Mercer, a business of Marsh McLennan, compiles the ranking to help multinational employers plan compensation packages for workers.
Rising housing costs in many cities around the world have been a challenge for employers, with volatile inflation trends also putting a strain on workers’ compensation packages, Mercer said.
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, the report added.
Yvonne Traber, Mercer’s global mobility leader, said: “Cost-of-living challenges have had a significant impact on multinational organisations and their employees.
“It’s 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.
“High living costs may cause assignees to adjust their lifestyle, cut back on discretionary spending or even struggle to meet their basic needs.”
She said some employers may wish to offer compensation packages that include housing allowances or subsidies, or provide support services.
Here are the 2024 cost-of-living city rankings from Mercer:
- Hong Kong
- Singapore
- Zurich, Switzerland
- Geneva, Switzerland
- Basel, Switzerland
- Bern, Switzerland
- New York, United States
- London, United Kingdom
- Nassau, Bahamas
- Los Angeles, United States
By Vicky Shaw, PA Personal Finance Correspondent
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