Belfast Telegraph

Report reveals Dublin is EU's biggest Brexit winner

Ireland's Brexit dividend has been a
Ireland's Brexit dividend has been a "remarkable outcome" for the Republic with 92 UK-based companies moving their operations there, a new report has found. (stock photo)

By Michael Cogley

Ireland's Brexit dividend has been a "remarkable outcome" for the Republic with 92 UK-based companies moving their operations there, a new report has found.

Dublin has been the largest benefactor of Brexit exiles with 86 related moves landing in the capital, according to the 'Under Pressure' report from London-based property group Knight Frank.

The study of the 349 Brexit-related moves found Dublin, Luxembourg, Paris, Amsterdam and Frankfurt gained most companies from the UK.

Luxembourg was closest to Dublin with 55.

"While Dublin was always a contender for attracting Brexit-related business, the global financial centres of Paris and Frankfurt were considered favourites to land the majority," the report stated.

"Therefore, its more than 50% lead ahead of its nearest competitor is certainly a remarkable outcome for the city, while the regional locations of Cork and Sligo also picked up some new occupiers too."

Ireland's increase in jobs was broadly the same as Paris, Frankfurt and Amsterdam. Knight Frank estimated that each city had received between 1,500 to 2,000 new jobs as a result of Brexit so far.

It also stated that Ireland's similar legal system and its access to a young, educated, English-speaking workforce have acted as competitive advantages in attracting overseas firms.

Knight Frank said demand in Ireland's office space market has also surged as a result, citing the 360,000sqm of take-up achieved last year, the highest on record.

"Although we estimate that just 12,500sqm of take-up in Dublin so far can be directly tied to Brexit announcements, the more important move relates to companies that would have otherwise expanded within the UK but are now choosing to do so in the European cities such as Dublin," the report said.

Belfast Telegraph

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