![]() ![]() Governments have intervened to stimulate growth, improve connectivity and accommodate the expanding population. Geneva and Zurich have now secured the third and fourth positions respectively in the global ranking of the most expensive construction markets, with costs amounting to €4,286/m 2 and €4,278/m 2 respectively.ĭespite the challenges faced by the construction industry in Europe, the region has been sustained by substantial public investment. ![]() However, despite Munich’s high costs, Switzerland ranks highest in terms of construction expenses. Germany and several other European markets are currently facing significant labour shortages. ![]() ![]() The shift in rankings is primarily due to Munich’s high labour costs, averaging €74.80 per hour, which far exceed Dublin’s rate of €43.80 per hour. The research does show, however, that construction inflation is expected to cool down, with the forecast across 16 European regions surveyed being an average of 6.4% for 2023, a significant drop from the 12.7% recorded in 2022.Īccording to the report, Munich has now surpassed Dublin as the most expensive construction market in the European Union (EU), with an average build cost of €3,482/m 2. The International Construction Market Survey (ICMS) by consultancy Turner & Townsend also reveals that adverse economic conditions have negatively impacted confidence and private investment in the sector. ![]()
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