Cheaper to build in London than New York, Hong Kong and Geneva, reveals Arcadis
A fall in the value of the pound following the UK's decision to quit the European Union has seen London slip out of the top three most expensive cities to build, a study reveals.
Although the capital remains in the top five it is cheaper than New York, Hong Kong and Geneva for construction projects, according to Arcadis.
The latest International Construction Costs report by the global design and consultancy firm shows London falling a couple of places from last year's second to fourth in 2017.
Edel Christie, head of program management at Arcadis said: “High density cities like New York and Hong Kong are particularly high cost locations to build due to constraints with land availability, accessibility and land values.
"Despite this they continue to prosper and see significant development activity thanks to their attractiveness as desirable global cities for commerce and people.
"The cost of building critical infrastructure and new buildings over the course of a long build phase is notoriously difficult to predict, making the challenge of providing as much cost and commercial certainty as possible a vital one.”
According to Arcadis, the top 10 most expensive cities to build in are:
1 New York
2 Hong Kong