Dublin is sixth most expensive capital city for renters

Study finds renting one-bed flat costs an average of €1,643 a month in Dublin

The most expensive capital city for renters was Monaco, where the average rent was £2,973 a month, requiring a net monthly salary of £5,236

The most expensive capital city for renters was Monaco, where the average rent was £2,973 a month, requiring a net monthly salary of £5,236

 

Dublin is the sixth most expensive capital city in the world for renters, according to new report.

The study by UK insurance group CIA Landlord looked at the average cost of renting one-bed apartments in 38 capital cities across the globe.

Dublin was ranked sixth on the basis that renting a one-bed unit costs an average of £1,397 (€1,643) a month and requires a net monthly salary of £2,515 (€2,960).

Renting a similar unit on the outskirts of the city was marginally cheaper at £1,206 (€1,419) per month. “Dublin isn’t a great destination for cheap renting,” the report said.

The most expensive capital city for renters was Monaco, where the average rent was £2,973 a month, requiring a net monthly salary of £5,236.

This was followed by London (£1,685), Washington (£1,676), Hong Kong (£1,658) and Singapore (£1,584).

Dublin was, however, the third most expensive city in Europe outside London, ahead of Luxembourg, Amsterdam, Stockholm and Copenhagen. The cheapest European capital was Sarajevo where average monthly rent was £224, requiring a net salary of £533.

The findings come amid a sharp acceleration in rents here. According to property website Daft.ie, rents across the State are now rising at an annual rate of 6.8 per cent. The company’s latest quarterly report said there were just 1,460 homes to rent on its website as of November 1st last, the lowest number since its quarterly series began in 2006. This included just 820 in Dublin.

CIA Landlord’s report also assessed the most expensive cities for the purchase of a property. Monaco was again top at a cost of £62,860 per square metre for those looking to buy a home in the city.

This was followed by Hong Kong (£24,066), Singapore (£13,876), Beijing (£13,031), London (£12,189) and Paris (£11,016).

Dublin was the 25th most expensive city for buyers globally at a cost of £5,131 per square metre.

Real estate

“Individuals living in Monaco are known for lavish lifestyles with expensive goods and fast cars. Their real estate isn’t any different – those renting a condo in Monaco city centre can expect to pay an average of £2,973 for a one-bedroom flat,” the report said.

“This comes down to £59.46 per square metre per month, as opposed to a whopping £62,860 per square metre for those looking to buy a home in the city,” it said.

“Infamous for co-housing and a property market that seems out of control is the capital of Great Britain. In London a one-bed flat can cost an average of £1,685, or £33 per square metre a month for those renting,” it said.

“The lucky ones with deep pockets in the market to buy a London home, however, pay an average of £12,189 per square metre for a plot of personal space in the city, or £6,058 per square metre further out,” it said.