A recent report released by the Society of Chartered Surveyors Ireland and Trinity College Dublin has compared the cost of building the same type of apartment in ten European cities. The study focused on a block of 39 apartments over seven or more storeys, mostly consisting of two-bedroom dwellings.
The findings revealed that Zurich and Dublin were the most expensive cities to construct such apartments, with Zurich leading at €2,866 per square meter and Dublin following closely behind. On the more affordable end of the spectrum were cities like Birmingham, Amsterdam, Brussels, and Belfast. The cheapest city studied was Tallinn in Estonia, with construction costs amounting to €1,367 per square meter.
One of the researchers highlighted that Dublin’s high costs were driven by particular aspects such as services and equipment, non-structural works, and labor costs. The report also pointed out that central European cities, including Zurich, Vienna, and Berlin, have the highest hourly labor costs.
The authors of the report emphasized the need for further research to analyze other factors such as land prices and regulatory costs. It should be noted that the data used in the report is from the first quarter of 2020, predating the significant increase in construction costs due to the pandemic and Europe’s energy price shock.
As Dublin continues to face challenges in meeting housing demand, this report sheds light on the varying costs of construction across European cities and highlights the importance of exploring alternative approaches to reduce costs in the industry.
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