Geneva has again overtaken London as the most expensive city in the world in which to build, according to the latest Arcadis International Construction Costs (ICC) report.
Zurich comes third, Munich fourth and New York City fifth.
The report highlights continued pressure on construction costs across major urban centres in Europe and North America, reflecting high demand, labour constraints and complex regulatory environments.
The report says that while inflation has eased in some regions, particularly in major US cities such as New York and San Francisco, long-term borrowing costs, geopolitical uncertainty, and shifting trade policies are reshaping the investment landscape.
Arcadis notes that growth opportunities remain strong in data centres and social infrastructure such as education and healthcare, despite persistent inflation in certain geographies such as Australia, Eastern Europe, and parts of Asia.
The annual Arcadis International Construction Costs index covers 100 of the world's large cities across six continents. The cost comparison was developed covering 20 different building types, including residential, commercial, and public sector developments, and is based on a survey of construction costs, a review of market conditions and the professional judgement of Arcadis' global team of experts. The calculations are based in US dollars and indexed against the price range for each building type relative to Amsterdam.
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