Digital Desk Staff
Dublin is the sixth most expensive capital city in the world for renters, according to new report.
As The Irish Times reports, 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 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 nationally 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 to purchase properties. 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.
“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.