According to the International Construction Costs report, London is no longer the most expensive site for a construction project, Geneva held the top spot, followed by London, then Copenhagen in the list of 100 cities.
Other cities in the top 10 included Oslo in fourth place, Zurich in fifth, New York slipping to sixth, with San Francisco, Hong Kong, Dublin, and Macau making up the remainder of the top 10.
Other UK cities in the top hundred include Manchester (17), Birmingham (22) and Liverpool (23).
According to the research, the COVID-19 pandemic saw construction output slump by 13 per cent in the UK last year, with activity only expected to recover to pre-pandemic levels next year.
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