Hong Kong and Macau are Asia’s most expensive construction markets: Turner & Townsend
A global market survey of the construction market published by Turner & Townsend reveals that Hong Kong and Macau are Asia’s most high priced construction markets to develop this year.
“Companies need to watch on labour. Traditionally, Asian work markets are known for high accessibility and cheap incomes, however as need grows for specialist construction such as innovative manufacture and data centres, there may be traffic jams of high-skilled workers in these industries,” says Sumit Mukherjee, head of realty, Asia, at Turner & Townsend.
Hong Kong was the ninth most expensive building and construction field worldwide, with an average charge of US$ 4,500 ($ 6,083) per square metre (psm). Macau took up 12th spot with a normal building and construction amount of US$ 4,269 psm.
A lot of international industry tracked by Turner & Townsend indicate that a shortage of experienced work is one of the most considerable factor increasing expense fee rising cost of living throughout the building and construction industry.
The survey results from Turner & Townsend show that whilst the global development industry continue to encounters obstacles, entire inflationary tension is softening and securing rates, alleviating assets flow towards major global growth markets such as data facilities, health care, and production.
The record also indicated that a weak Japanese Yen saw common construction rates in the country downtrend dramatically this year. No Japanese metropolitan areas remained in the leading ten list of several expensive building and construction sector in Asia.
Tokyo and Osaka are currently the 13th and 17th most expensive sector to develop at US$ 4,127 psm and US$ 3,985 psm, respectively. The announcement cites “solid global inflation, moderate post-pandemic financial growth, and a significant devaluation of the yen to a 34-year low, are key elements behind Japan’s lower general construction costs this year.”
Singapore’s construction industry was relatively more moderate, grappling the 35th area on the worldwide list. Our average construction price this year remains at approximately US$ 3,129 psm.
