Geneva has been named a the most expensive city to build in, according to Arcadis’ latest International Construction Costs (ICC) report.

The Swiss city has overtaken London which is now in second place - closely followed by Zurich in third place, Munich in fourth place and New York City completing the top five.

Also making the line-up are:

• Bristol – 8
• Dublin – 9
• Manchester – 11
• Birmingham – 13
• Edinburgh – 14
• Cardiff – 17
• Glasgow – 18
• Belfast – 28

Completing the line-up at spot 100 was Buenos Aires.

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.

While inflation has eased in some regions, particularly in major US cities such as New York and San Francisco, the report says long-term borrowing costs, geopolitical uncertainty and shifting trade policies are reshaping the investment landscape.

Yet even amidst this volatility, Arcadis emphasizes that a proactive and well-informed approach to design and specification can still unlock value and ensure project delivery.

Arcadis says growth opportunities remain strong in key sectors such as data centres, healthcare 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 ICC 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.

Juud Tempelman, global president of places at Arcadis, said: “Change drives opportunity and, in a world of rising complexity and constrained capital, the most successful projects are those that combine visionary ideas with robust planning and adaptable design.

“Even in challenging times construction markets are diverse, and some areas can be expected to boom. From advanced manufacturing in the US, to energy transition programs in the UK and Europe, we are seeing the reallocation of resources to meet shifting demand.

“With the right brief, aligned to real market needs and supported by collaborative design and digital maturity, we can unlock viability and deliver lasting success.”

Click here to read the full report.