The 2023 Arcadis ICC Index covers 100 of the world’s large cities across six continents. As a result, many of the top ten most expensive cities remained unchanged from last year, including hotspots such as Munich, Copenhagen, and Zurich.įive of the top ten were also cities with dollar-denominated or dollar-pegged currencies, including Hong Kong, while Boston and Philadelphia in the US were new entrants thanks to a combination of dollar appreciation and the ongoing impact of local inflation.Īccording to the report, entitled New Horizons, European market costs were particularly impacted by the invasion of Ukraine over 2022, over and above the worldwide increase seen in energy costs, with the resulting disruption to local manufacturing supply chains and regional-specific energy markets adding 5-6% to the region’s inflation. There is a new most expensive city in the world in which to build, according to the latest Arcadis 2023 International Construction Costs (ICC) report – Geneva, Switzerland.Īccording to the study of comparative construction costs across 100 global cities, the UK capital city of London was overtaken by Geneva, with New York coming third and San Francisco fourth.Ī number of factors impacted costs including high levels of inflation, which continued to affect most cities in the report.
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