Top 10 most expensive cities in the world for construction are:
1) New York City:
3) Hong Kong:
According to Arcadis’ International Construction Cost Index, New York City is the most expensive city in the world to build in. The index, which analyzes the relative cost of construction across 44 major cities, finds the strong dollar and demand for resources as the primary reasons for the increasing costs of construction. This trend is likely to continue into 2016 and beyond as large-scale construction projects progress and labor shortages continue.
The New York construction market is unique and one of the key difference is the union labor. This, coupled with the shortage of workers and need for labor on weekends and after hours causes wages to reach a premium. Rising insurance costs for buildings have doubled in the last five years, reaching up to ten percent of the total construction value.