What cities have seen building costs increase the most?

Singapore saw building costs increase 32% between 2020-2023

New research has revealed the international cities that have seen the highest construction price increases from the year 2020 to 2023.

According to Compare the Market Australia, Prague in the Czech Republic had the largest increase with building prices increasing 49.3% in this time frame. This was largely influenced by lost labour, shipping delays, the war in Ukraine, and the hangover from the Covid-19 pandemic.

Toronto in Canada had a similar increase at 40.5%, mostly due to labour shortages as well as higher lending costs seeing a drop in the number of borrowers building homes.

Singapore had the third highest increase at 32.8% followed by Auckland in New Zealand and then the second Canadian city in the top five, Calgary.

On the other end of the scale, construction prices barely moved in Amsterdam in the Netherlands, only increasing 0.6% across the three years.

Top ten increases in construction costs:

Prague, Czechia 49.3%

Toronto, Canada 40.5%

Singapore, Singapore 32.8%

Auckland, New Zealand 30.2%

Calgary, Canada 28.5%

New York, US 26.0%

Washington DC, US 24.6%

Phoenix, US 23.8%

Los Angeles, US 23.1%

Wellington, New Zealand 22.6%