London still most expensive European city for expats – ECA International

London remains the most expensive location in Europe for high-end rental accommodation for expatriate employees, despite the fall in sterling, according to the latest report from ECA International. Rents for an unfurnished three-bedroom apartment in popular expatriate areas of London average £5,574 a month.

Globally, London sits in fourth position, behind New York, Hong Kong and Tokyo. Irish cities have risen in the ranking, with Dublin experiencing the highest rent increases in Europe over the past year, ECA finds. This led to Dublin rising to 11^th and Cork rising to 54^th in the regional rankings.

Alec Smith of ECA International said:

‘London has continued to top our regional rankings. 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. As Brexit negotiations continue, the predicted loss of a number of banking jobs from London is likely to put downward pressure on rents in prime neighbourhoods in the near future.’