Meanwhile, Munich jumped three places from 8th to 5th, with construction costs that are now 25% higher than Berlin.ĭollar-pegged currencies dominate the index, making up five of the top 10 most expensive cities New York City and San Francisco are joined by Hong Kong, Boston, and Philadelphia. New York moved up one position to third, and San Francisco up two places to fourth. It overtook London, which fell to second place after topping the table in 2022. Geneva led the index as the most expensive city to build in this year. Let’s look at the locations at either end of the rankings. That said, some cities present much higher construction costs than others. Moreover, as climate change becomes an increasingly pressing issue and industries strive toward net zero, a growing “green premium” is taking hold. Countries around the world have been hit with repeated interest rate hikes in a bid to get inflation under control. The war in Ukraine has led to sky-high energy costs and exacerbated an already-disrupted supply chain brought on by the pandemic. Price inflation broke out across the globe in 2022, and this year, construction costs remain elevated. Arcadis has released its 2023 International Construction Costs Index (ICC) which tracks the price of construction (across residential, commercial, and public sector developments) in one hundred of the world’s largest cities.
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