Maybe there is a reason that so many startups are heading to Lisbon - it is not just about the sun and surf, it is also salaries. The city is on par with eastern European cities in terms of what companies have to pay a software developer.
Copenhagen and Berlin are on the other end of the scale, and many startup founders in those cities complain that hiring a tech team has become expensive. Although not compared with San Francisco - we included the city in this chart to help keep things in perspective.
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For more on the pros and cons of Europe's tech hubs see Insider View series.