A report from the World Bank has revealed that urban construction in Europe is booming.
The report, titled Urban Construction in Europe 2017, showed that the average cost of building in the EU rose from EUR 4,904,724 in 2016 to EUR 6,931,058 in 2017.
The growth was fuelled by a huge rise in construction activity across the continent.
“It is no surprise that urban activity in Europe continues to grow, as more and more people are looking for places to live, work and play,” said Martin Dejong, Managing Director at the World Trade Organisation.
A major reason behind the increasing number of urban construction sites is the need for more housing, which is becoming increasingly unaffordable. “
We are also witnessing the emergence of urban centres that are highly urbanized, which are the next generation of urban areas,” he added.
A major reason behind the increasing number of urban construction sites is the need for more housing, which is becoming increasingly unaffordable.
The most affordable cities are in Eastern Europe, and they are home to cities such as Krakow and Budapest.
The average cost for a property in these cities increased from EUR 8,907,039 in 2016, to EUR 9,066,932 in 2017, the study said.
“This increase in construction costs in Eastern European cities has caused some property developers to seek a different solution.
These developments have helped to drive the housing bubble in Eastern and Central Europe, which now dominates the global housing market,” the report said.
Urban housing market has become increasingly unaffordable for the middle class In 2017, more than 10% of European residents lived in cities with an annual median household income below EUR 200,000.
This was up from less than 5% in 2016.
This is an increase of almost 2% on the previous year, which was also driven by the Brexit vote.
Urban construction in the region has become an increasingly unaffestable for people at the lower end of the income scale.
In 2017 there were about 1.6 million households in the European Union living in an area that had a household income of less than EUR 500,000, the World Economic Forum (WEF) said in its latest report on the state of the global economy.
“While there is a significant and growing supply of housing, demand for it is growing and is now the largest demand in Europe,” the WEF said.