Rising costs

London has returned to first place as the most expensive city in the world in which to build, according to the latest International Construction Costs (ICC) report, published [prior to the conflict in Ukraine] by Arcadis


According to the study of comparative construction costs across 100 global cities, London ranked first, followed by Geneva (2nd) and Oslo (3rd).

Due to a combination of cost drivers – including rising energy costs, materials shortages and labour availability – along with high sector-specific demand, particularly residential and industrial, markets in North America and many European cities recorded double-digit cost increases.

In addition to providing a comparative index of global construction costs, this report also looks at construction around the world and notes that differing government Covid-19 strategies have resulted in varying paces of recovery.