The latest Annual Construction Cost Comparison report brought out by EC Harris Research disclosed that countries in the Asia Pacific region experience considerably lower level of building costs when compared to the countries in the West despite the increased level of economic growth achieved in these countries.
The report brought out for the seventh year in succession compares the construction costs per square meter area of construction in the South of England against that of the 56 countries all over the world.
Asia Pacific worlds cheapest for building property
According to the report, the construction costs in India and Sri Lanka are the lowest among the countries in the Asia Pacific region and costs at least 70% lesser than the prevailing costs in the UK. China comes next with 55% lower costs than that of UK. Presently, Japan has the highest level of construction costs in the region and it is 24% more than that of England. But the report compiled before the Tsunami in March does not contain the current costs.
The report indicates that though the prices of properties zoomed in Singapore and Hong Kong during the last year, the construction costs continue at 2010 levels and costs 10% lesser than that of the UK. The report indicates that the costs in Vietnam, Malaysia and Philippines average 54% lesser than that of the UK and rated among the cheapest in the region. The cost of construction in Thailand is rated 35% lower than that of the UK and less compared that of Singapore, Macau and Hong Kong in the region.
The report mentions the raising costs of materials used in construction such as oil, copper and steel have increased the construction costs worldwide. It also indicates that costs have stabilized and experts believe that 10% fall in the peak price of oil will bring down the costs of construction materials during 2012 and 2013.
Source: http://www.echarris.com