MOBILITY STUDY:IRELAND

From career opportunities to incredible natural beauty, Ireland has much to offer expats. As an active member of the European Union, Ireland is seen as a gateway to the European market, especially by multinationals looking to expand.1

ABOUT IRELANDFACTS

> Capital: Dublin > Population: About 4.8 million > National language: English

(Irish Gaelic on west coast)

> Local currency: Euro > Climate: Mild maritime

(average temperature is 50°F) > • Prime minister: Enda Kenny

ECONOMIC TRENDS Once a largely agricultural society, Ireland is a modern knowledge economy focused on services and high tech. It is dependent on trade, industry, and investment, and is one of the world’s biggest exporters of pharmaceuticals and software. Among the initial group of 12 EU nations that began circulating the euro in 2002, Ireland ranks 44th in the world by GDP.

In 2014, Ireland’s economy grew 4.8-percent, making it the fastest-growing European country to have reported figures for the year, a significant spurt compared with 0.2-percent in 2013.2 However, the ratio of public debt to GDP remains very high.

As of April 2015, consumer prices in Ireland fell 0.7-percent year-over-year, marking the fifth consecutive month of deflation.3

The Index of Economic Freedom ranks countries on quantitative and qualitative factors, including property rights, fiscal freedom, government spending, regulatory efficiency, and open markets. As of 2015, Ireland’s economic freedom score is 76.6, making it the ninth freest on the list. Its score is up by 0.4 point from 2014. The Irish economy is ranked third out of 43 countries for the Economic Freedom score in the European region, and its score is far above world and regional averages.4

A POPULAR EXPAT DESTINATION Coming in at number 11 on the 2014 Expat Explorer Survey for overall living experience, Ireland’s countryside, local culture, entertainment, and work-life balance make it an attractive place to call home. Life in Ireland is very similar to that in the UK and other European countries, with a focus on community. Expats are made to feel welcome

by a people known for their fun-loving good nature. With such engaging surroundings, it’s no wonder some expats don’t want to leave or are unwilling to take assignments in other locations.

Ireland is popular for its proximity to the UK and Europe, making travel abroad easy and inexpensive.

Ireland has a low crime rate in general, but in recent years, overall crime dropped even further in 2013 compared to the same time in 2012 as reported in the last study by the Irish Central Statistics Office (CSO).5 The Official Organization for Economic Co-operation and Development (OECD) ranks Ireland 9.4 out of 10 in terms of safety.6

When raising children, expats in the HSBC Expat Explorer Survey ranked Ireland number 11 for providing children with a better quality of life and ninth for children becoming more rounded/confident individuals.7 Ireland has a high standard of education and its state schools (known as public schools in other countries) are excellent. In fact, 78-percent of expat parents in Ireland choose to send their children to local state schools.8

COST OF LIVING The cost of living in Ireland varies depending on the town or city, with the most expensive area being Dublin. Findings of the 2014 Mercer Cost of Living Survey rank Ireland’s capital city 51st in its annual survey for expatriate employees, up 10 places from 2013. Despite the increase, Dublin is still relatively cheaper than it was in 2007, when it came in at 16th.

It’s important to note that expat salaries in Ireland are typically supported by well-paying jobs, helping to ensure a high quality of life. According to Expat Arrivals, housing will take the biggest chunk of an expat’s salary followed

1 Expat Country Guide, “Ireland” 2 Jon Sindreu. “Ireland’s economy grew 4.8% in 2014.” MarketWatch,

March 12, 2015. 3 “Ireland Consumer Prices Fall for Fifth Month in April.” RTT News,

May 14, 2015.4 “2015 Index of Economic Freedom.” www.heritage.org

5 OSAC. “Ireland 2014 Crime and Safety Report.”6 OECD. “Better Life Index.”7 HSBC Expat Explorer Survey 2014.8 Ibid

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MOBILITY STUDY:IRELAND

by groceries, healthcare, and education. Accommodation costs, however, are significantly lower now that the country’s property bubble has popped. And, while Ireland offers residents free public healthcare, most expats choose to use private health facilities.9

In general, expats will find the cost of living in Ireland to be manageable.10 For an overall cost of living perspective, Dublin is 10-percent less expensive than Seattle, Washington. Restaurant prices and local purchasing power are ranked high, while consumer prices, rent, and groceries are lower.11 See Figure 1 for a list of everyday items and prices in Ireland. See Figure 2 for an index of cost of living scores for Ireland compared to New York City, which ranks at 100.

HOUSING IN IRELANDMost expats in Ireland rent and find properties with the help of an estate agent. However, a growing number of landlords are advertising privately. In bigger cities like Dublin and Cork, the high demand for rental property makes rent one the largest expenses for expats.12

Apartments and semi-detached or terraced houses are common in Irish cities and tend to come fully furnished. More detached homes will be found in towns and villages, and older properties are usually more spacious than new builds.

Tenancy agreements in Ireland are either

periodic or fixed term. By far the most common in Ireland, periodic tenancy is generally an informal agreement that doesn’t specify a fixed amount of time. Fixed-term agreements have a specific timeframe, usually six months to a year, written into the lease. A deposit of at least one month’s rent is common with most city center locations requiring a one-year lease.13

Rent in Ireland is paid monthly, and utilities are not usually included. Monthly utilities have gone down in recent times, and include electricity, water, and heating. High-speed Internet is available in most parts of the country, with urban areas offering many Wi-Fi hotspots. According to the HSBC Expat Explorer Survey, expats in Ireland rank finding accommodations and setting up utilities 14th and integrating into the community at 9th.14

GLOBAL EXPERTISE FOR SUCCESSFUL RELOCATIONS Graebel worldwide offices are staffed with global relocation industry experts who are ready to help companies and their assignees on long- or short-term assignments in Ireland – or anywhere on six continents. As the industry leader, Graebel proactively provides pre-departure to ongoing assistance, helping clients’ employees remain productive throughout the assignment. For answers to questions concerning relocations to Ireland, contact Graebel today.

9 Ibid10 Expat Arrivals11 www.numbeo.com12 Expat Arrivals

13 Expat Exchange14 HSBC Expat Explorer Survey 201415 www.numbeo.com16 Ibid

FIGURE 1: PRICE OF COMMON ITEMS IN IRELAND15*

USD EUR GBP SGD

Loaf of bread $2.45 2.19 € £1.62 $3.26

Bottle of wine $12.00 10.76 € £7.93 $15.99

One-way bus ticket $2.00 1.79 € £1.32 $2.66

Pair of sport shoes $77.45 69.45 € £51.21 $103.22

One-bedroom city apartment (monthly rent)

$955.12 856.52 € £631.60 $1272.95

One ticket to the movies

$10.00 8.96 € £6.61 $13.32

Imported beer at a restaurant

$5.00 4.48 € £3.30 $6.66

FIGURE 2: COST OF LIVING IN IRELAND16

Consumer price index (Excl. rent)

79.41

Rent index 32.02

Groceries index 70.97

Restaurants index 83.31

Consumer price plus rent index 57.13

Local purchasing power 128.52