World Construction Today – Turner & Townsend’s International Construction Market Survey reveals the most expensive cities in the world to construct in. According to the study, San Francisco in the US was the most expensive city in the world to build in, followed by Tokyo and Osaka in Japan.
New York, in the US, came in at number four on the list of most expensive cities in the world to develop in, with Geneva, in Switzerland, coming in at number five. According to the survey, which compiled information from 88 different places, the need for building services is strong, and most markets have rebounded from the COVID-19 pandemic.
Just 1.1% to the question- how would one characterise the current market tendering conditions chose “Cold,” 23.9% chose “Lukewarm,” 36.4% chose “Warm,” 28.4% chose “Hot,” and 10.2% chose “Overheating.”
However, issues with the skills gap still exist; in just under 80% of marketplaces, it is difficult to find enough workers to match demand. Another issue that is getting worse by the day is inflation.
According to the research, in the 2021 study, there were 11 markets where construction cost inflation was predicted to be at least 10% in 2021. There are 38 areas that indicated they may have had inflation of 10% or more in the poll results for 2022. In comparison to last year’s survey, costs have increased at a faster and more significant pace.
The 10 most expensive cities in the world to build in 2022:
1. San Francisco, USA
2. Tokyo, Japan
3. Osaka, Japan
4. New York, USA
5. Geneva, Switzerland
6. Zurich, Switzerland
7. Hong Kong, China
8. Boston, USA
9. Los Angeles, USA
10. London, England