No matter how much we say that housing prices in our country are high and that we are witnessing a real estate bubble, the world rankings definitely manage to beat this statement. Another proof is the ranking of the cities with the most expensive construction, prepared by the consulting company Arcadis.
The most expensive place is London, according to the data of the report “International Construction Costs 2024”. The main reason for this is the increased bureaucratic burden that the British government has imposed in recent years.
The TOP 3 also includes two Swiss cities – Geneva and Zurich. The fourth position goes to the Bavarian capital Munich, and in fifth place is New York.
The top 10 also includes San Francisco, Philadelphia, Copenhagen, Hong Kong and Bristol.
Sofia is in the 76th position. Before us is Lisbon, and after the Bulgarian capital is that of Latvia – Riga. Of the neighboring countries, construction is more expensive in Belgrade, which is in the 74th position. The metropolis Istanbul occupies the 73rd place, and Athens is 71st. Only Bucharest is behind us – 79 position.
Sector “Construction“ last year was relatively calm against the background of global instability in political terms, which inevitably affects the economic segment. The reason is that demand is falling and supply chains have largely managed to return to their normal pace. “2024 is likely to mark the bottom of the market in many parts of the world”, Arcadis predicts. De facto, in the coming months we can expect an upswing in the global construction markets.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE