Geneva, Switzerland topped Arcadis’ 2026 International Construction Cost Index as the most expensive city in the world for construction.

The annual index compares construction costs for 100 major cities. London ranked second, followed by another Swiss city, Zurich, followed by Munich and Copenhagen. New York City, San Francisco, Dublin, Bristol (U.K.), and Philadelphia rounded out the global top ten.

The highest-cost construction markets are concentrated in mature, complex cities where demand is strong, but delivery capacity is constrained.

Global construction markets are moving from an environment where inflation uncertainty dominated concerns to a market with more selective investment, with capital being invested more carefully.

The index also highlighted a wide variation in construction costs across global markets. Many of the lowest-cost locations are in Asia, Africa, and Latin America.

Bengaluru, India, ranked as the least expensive city, followed by Buenos Aires, Argentina and the Indian cities of Delhi and Mumbai and Ho Chi Minh City in Vietnam.