London has reclaimed its position as the world's most expensive city to build in, surpassing Geneva after briefly losing the title last year.
The annual ranking of the world's most expensive cities for construction is compiled by Dutch construction engineer Arcadis. This year's list closely mirrors the previous year's, with Copenhagen, Hong Kong, Munich, New York, San Francisco, and Zurich maintaining their places in the top ranks.
Philadelphia, which entered the top 10 in 2023, has climbed from 10th to seventh place, while Boston, another newcomer in 2023, has dropped out.
Geneva had dethroned London in 2021 but was then overtaken by the UK capital in 2022.
The top 10 most expensive cities for construction are:
London
Geneva
Zurich
Munich
New York
San Francisco
Philadelphia
Copenhagen
Hong Kong
Bristol
According to the International Construction Costs: Top Cities report, London's construction output decreased by more than 10% year-on-year, with the housing sector being particularly affected. However, the city saw stronger performance in other markets, such as commercial and renovation projects.
The report also lists the 10 least expensive cities for construction, which include Ho Chi Minh City, Chengdu, Mumbai, Delhi, Johannesburg, Bengaluru, Nairobi, Kuala Lumpur, Lagos, and Buenos Aires.
Edel Christie, Arcadis' chief growth officer, emphasized the importance of leveraging data and insights to navigate the evolving construction market, especially in meeting sustainability goals, managing stakeholders effectively, attracting more capacity, and optimizing engagement with the global supply chain. Photo by sludgegulper, Wikimedia commons.