Dublin have reported that 28 financial services groups have committed to relocate staff and operations to Dublin since the 2016 referendum. Among them are Citigroup, Bank of America, Barclays, Legal & General and Axa. House prices are increasing and rents in the most fashionable suburbs are as expensive as London and Paris. State school placements are full up, which has led to an increase in fee-paying school enquiries. It looks likely that Dublin’s reputation as a welcoming city for both tech and financial institutions will continue to grow and draw a diverse, multicultural work-force, attracted by the opportunities on offer.
Amsterdam, a European tech hub which houses the EU headquarters of “cool” brands such as Netflix and is a mostly English speaking city, is however unlikely to become a banking hub – despite Mitsubishi UFJ relocating there – due to it’s 20% cap on bonuses. Further to that and off-putting to those looking at their relocation options, Amsterdam has also been experiencing growing rental prices. The Municipality of Amsterdam has responded by proposing a ban on new-build properties financed with buy-to-let mortgages, targeting landlords seeking to rent out apartments on sites such as Airbnb. But the measure also threatens to limit the supply of housing for workers moving to Amsterdam.
What is clear is that these cities offer great possibilities and new adventures for those willing and able to relocate. Brexit uncertainty represents an opportunity for city mayors and local and federal governments to capitalise on; political will however will be needed to help the pressure on the cities’ services