Dublin – 6th Most Expensive Place to build worldwide
May 17, 2018
Dublin now ranks as the sixth most expensive place globally to build, according to Turner & Townsend’s International Construction Market Survey 2018.
The cost of building in Dublin is set to rise by a further 7% this year as the continuing boom in the development of offices and accommodation continue to put pressure on labour and resources.
New York remains the most expensive place worldwide, followed by San Francisco, Hong Kong, Zurich and London.
The survey analyses input costs – such as labour and materials – and charts the average construction cost per square metre for commercial and residential projects in 46 markets around the world.
Commenting on Dublin’s ranking in the report, Mark Kelly, managing director for Ireland at Turner & Townsend, said “Strong GDP growth supported by increasing domestic demand for new development has driven a surge in construction activity in Dublin which puts pressure on prices. Natural cost inflation is being exacerbated by skills shortages.”
However, Dublin isn’t the only city where construction activity and costs are forecast to grow in 2018.
According to the findings, Dublin is just one of 21 markets globally that are heating up as a result of global economic growth.