Inbound migration and strong demand from residents saw Dublin post Europe’s highest rental hikes among popular expatriate destinations.
Ireland’s capital city rose to eleventh place in the regional ranking as the supply of high-end three-bedroom apartments, which the cost index is based on, outstripped demand, reports ECA International in its latest Accommodation Survey.The survey figures for Europe pre-date the UK’s referendum in June and recent speculation over which London-based banks are considering moving or expanding operations in Dublin. Cork also moved up the rankings to 54 off the back of large rent increases.
Rental market movements across Europe
In other European cities, London remained the most expensive European city and fourth most expensive rental market globally. This despite the fall in the value of sterling and a softening of the central London rental market.“London has continued to top our regional rankings,” confirmed Alec Smith, accommodation services manager at ECA International. “With a high population density and a consistently limited supply of property, average rents in the city have long been more expensive than in other high-profile cities in Europe,” he added.Across Europe, the rental price for a high-end three-bedroom property averages US$2,330 this year. Rents for an unfurnished three-bedroom apartment across popular expatriate areas in London average US$7,886 (£5,574) per month. In US dollar terms, rents in the city are significantly higher, approximately 40 per cent, than in Europe’s next-most expensive location, Zurich.