Rental growth is also continuing in an upward trajectory.
In news that probably won’t surprise anybody living here, Dublin has the highest rents in Europe, according to a new report.
The report comes from the Deloitte Property Index 2023, which examined various areas including new apartment costs, rental rates, and residential market trends from 27 European countries.
The report shows that Dublin has a rental average of €32.8 per square metre per month, followed by Paris at €28.5 and Oslo at €28.0, adding that rental growth is continuing on an upward trajectory in Ireland’s capital.
Dublin rents most expensive in Europe according to new report
On the lower end of the rental prices table, cities in Bulgaria, Greece, Slovenia, Italy, and Hungary offer the most affordable rents, with Prague having an average monthly rent of €14.4 per square metre in comparison to the top cities.
“The high rental prices in Dublin and other expensive European cities pose financial challenges for residents, exacerbating the ongoing affordability crisis,” the report says.
The property index mentions that if citizens from Dublin intend to buy a new apartment, “it is necessary to save up an equivalent of between 10 and 13 average gross annual salaries in their capital city.”
Despite Ireland ranking 4th for the highest volumes of new dwellings completed per 1,000 citizens, the report also shows that it ranks in the bottom 5 when analysing the volume of stock per 1,000 of the population, leading to major supply and demand challenges.
Kate English, Head of Real Estate Research at Deloitte, said: “For Ireland, positively new completions in 2022 were amongst the highest in the surveyed countries. This is welcomed, as Ireland sits towards the bottom of the table when analysing stock to population ratios.
“Ireland has one of the youngest and fastest growing populations in Europe. This fact, combined with the comparative housing stock analysis, reiterates the need for new supply to continue to be delivered, to alleviate supply constraints within the market.”
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