Dublin tops list for Brexit relocation

The capital falls back in the same survey for start-ups

Dublin tops list for Brexit relocation

A 2009 view of Dublin city centre's skyline - including Liberty Hall, the Spire and the Custom House | Image: RollingNews.ie

A new study has found Dublin is the top place for companies to relocate due to Brexit.

The ranking puts the Irish capital at the top spot for banks with thanks to our language, the cost of a cocktail and even Uber.

They survey looked at and compared several factors like income tax rate, the cost of dry cleaning, the number of Michelin restaurants - as well as the cost of air fare to London.

"Everyone is talking about cities like Paris and Frankfurt preparing for an influx of banking industry workers due to Brexit," said Movinga's managing director Finn Hänsel, who conducted the study.

"But other cities like Dublin, Valletta, Luxembourg and Amsterdam may actually be better equipped to make these workers feel happy and at home."

It also looked at high-end rents - at which Dublin came in at the cheaper end of the scale.

This was calculated on an average price of premium two bedroom apartments in the city centre, based on properties listed online and in selected high-end realtors listings.

Renting in Dublin would cost you an average of €1,975 - this compares to €2,010 in Amsterdam, €2,442 in Madrid, €2,129 in Frankfurt and a whopping €3,363 in Paris.

The only city chepaer to rent then Dublin in the survey was Brussels, at €1,519.

Needless to say, Dublin was also the only city which had a 100% English comprehension rate - with Amsterdam in close linguistical second at 90%.

Source: movinga.fr

However while the Irish capital might be the top choice for bankers, it falls to 8th place in the same survey for start-up businesses.

Berlin takes the top spot here - followed by Stockholm. Paris, Amsterdam and Helsinki.

But not everyone is happy.

Property firm Sherry FitzGerald has claimed any big shift will have a dramatic effect on supply and demand.

Chief economist Marian Finnegan said: "There is a growing view that Brexit may lead to an uplift in occupier demand from the foreign direct investment sector. In particular Dublin is likely to benefit from increased demand from financial services companies in need of an EU base.

"This will lead to a further increased demand for housing.

"With this in mind, it is imperative that the Government takes immediate action to remove the barriers to both construction and activity to allow a more normal functioning and responsive market re-emerge."

While Padraic Whelan from accounting firm Deloitte said: "The shift in location...isn't a done deal as a lot of their employees are multilingual and often from mainland Europe, so there will be competition and consideration of location.

"We do face a challenge in bringing the supply of residential property back to a normal level...The knock-on effect in terms of job creation here should be positive, but also challenging given the demands on tradesmen as activity ramps up."

On Brexit, property agents Lisney said: "Ireland ranks very highly in attracting such companies and given that competition from the UK will be reduced, added to the fact that we will be the only English speaking country remaining in the EU, our attractiveness will grow.

"This will have ramifications for the office market and the challenge will be to have an adequate supply of office space available over the coming years, particularly in Dublin city centre.

"In spite of this, we don't expect a mass influx of companies and any increase in demand for space will be on a gradual basis."

But it also says that there are wider implications than just property, adding: "Depending on the trade deal reached between the EU/Ireland and the UK, the degree to which Irish exports will be affected will vary.

"The really worrying issue is the larger destabilising effect this has on Europe as a unified continent which has been a rock on which our economy is based for over 40 years."