Dublin Ranks Second Only to London in Cost of Living, bunq Working Abroad Index Reveals

23rd October 2024: Dublin is one of the most attractive cities in Europe for digital nomads, but it comes at a price. According to bunq’s new Working Abroad Index, Dublin has the second-highest cost of living among major European capitals, trailing only London. 

The Index, which analyses data from open sources, reveals that the average monthly expenses for a digital nomad in Dublin have risen to €2,633.78 in 2024, a €42.41 increase from the previous year. This puts Dublin ahead of other popular nomad hubs like Amsterdam, Luxembourg, and Copenhagen. 

While food costs have decreased slightly, rent for a one-bedroom apartment has climbed to €1,861.90 per month, and coworking spaces are now more expensive due to the rise of remote work. 

“Living a borderless lifestyle is exciting, but it’s crucial to understand the financial realities of your chosen destination,” says Bianca Zwart, Chief of Staff at bunq. “Our research provides a clear picture of expenses across Europe, empowering digital nomads to make informed decisions and truly live life on their own terms.” 

Ranking the most expensive European capitals for digital nomads  

The 10 European capitals with the highest average cost of living per month for digital nomads, according to bunq’s Working Abroad Index are:  

1. London (€3,227.12)  

1. Dublin (€2,633.78)  

1. Amsterdam (€2,563.95)  

1. Luxembourg (€2,298.10)  

1. Copenhagen (€2,176.66)  

1. Paris (€1,933.26)  

1. Berlin (€1,832.40)  

1. Stockholm (€1,818.83)  

1. Brussels (€1,692.44)  

1. Madrid (€1,689.14)  

At the other end of the scale, the most affordable cities are Bucharest, with an average monthly cost of €829, Sofia (€870), and Budapest (€942). 

bunq, the second-largest neobank in Europe, offers tools that can help digital nomads manage the challenges of living in an expensive city like Dublin. Features include: 

• Multi-currency accounts: Hold and manage funds in various currencies, simplifying international payments and minimising exchange rate costs. 

• Easy international payments: Seamlessly transfer money across borders with low fees and transparent pricing. 

• Budgeting and expense tracking: Gain insights into spending habits and manage finances effectively. 

There are currently 578,087 Irish digital nomads, which ranks less than 1% of the world wide total, but places Ireland 19th on the global scale. This highlights the effects of the pandemic and lockdown measures that promoted remote work.