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Wow. The Cost of Building In Dublin Will Rise 7% This Year

The Central Bank Building, under construction in 2016

The cost of building in Dublin will rise by 7% in 2018, according to data from Turner & Townsend's International Construction Market Survey.

The surge in construction costs — one of the largest rises in the world — is being fuelled by an 18% increase in construction activity in the city at the same time as a skills shortage.

Dublin is the sixth most expensive place to build out of the 42 global locations surveyed, according to the research, placing it just behind London.

The average Dublin construction costs is €242/SF. This compares with €282/SF in London and €304/SF in New York.

Turner & Townsend rank Dublin as a "hot" market with market constraints but hold back from labelling it "overheated".

Even so the cost rise is faster than that predicted for London (2.8%), Munich (3%), Amsterdam (4%).

The five most expensive locations are New York City, San Francisco, Hong Kong, Zurich and London.