Hong Kong and Macau are Asia’s most expensive construction markets: Turner & Townsend
Hong Kong was the 9th most expensive building and construction local market worldwide, with a common charge of US$ 4,500 ($ 6,083) per square metre (psm). Macau took up 12th place with an usual development cost of US$ 4,269 psm.
A worldwide market survey of the building and construction market posted by Turner & Townsend reports that Hong Kong and Macau are Asia’s most expensive building and construction industry to build this year.
The record likewise suggested that a weak Japanese Yen viewed average building and construction costs in the country downtrend substantially this year. No Japanese urban areas were in the top ten lineup of most costly construction industry in Asia.
“Firms want to watch on work. Typically, Asian work markets are known for high availability and low salaries, however as demand expands for specialist construction such as innovative manufacture and data centers, there may be traffic jams of high-skilled workers in these industries,” claims Sumit Mukherjee, head of property, Asia, at Turner & Townsend.
Tokyo and Osaka are now the 13th and 17th most luxurious sector to construct at US$ 4,127 psm and US$ 3,985 psm, respectively. The credit report mentions “solid global inflation, moderate post-pandemic economic growth, and a considerable devaluation of the yen to a 34-year low, are key elements behind Japan’s lower overall construction prices this year.”
The survey comes from Turner & Townsend show that while the global building and construction industry quiet deals with obstacles, overall inflationary stress is softening and stabilising rates, relieving assets flow towards key overseas growth markets such as data centres, medical care, and production.
Most worldwide markets tracked by Turner & Townsend show that a shortage of skilled labour is one of the most considerable factor increasing cost price inflation throughout the building and construction markets.
Singapore’s construction industry was relatively more controlled, grappling the 35th place on the global lineup. Our average development price this year stands at approximately US$ 3,129 psm.
