Many European cities experience a growing attractiveness for construction and investment in the world in which to build, according to the International Construction Costs Index published today by Arcadis consultancy. The index, which analyzes the relative cost of construction across 44 major cities, finds that economic recovery and currency exchange rate fluctuations have triggered some big movements in the relative construction cost rankings.
The gradual recovery in the Eurozone and subsequent increments in construction costs have been counterbalanced by a depreciating Euro and as a result the market has not been affected by high inflations as seen in the UK and the US.
The rebound of European investment is expected throughout next year, exemplified by the EC’s Juncker Infrastructure Investment Plan worth €315bn. Recent GDP data has confirmed that the engines for the EU’s growth include Poland, the UK, Ireland, Spain and the Netherlands. France, Italy and Austria are showing signs of recovery. Over the next three years, the construction industry is expected to grow by an encouraging 2.3% per year in the EU, Arcadis says. Read more.
Prague ranks 38th out of 44 cities included in the report.
1st November 2023
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