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Wednesday, September 14, 2011 - 06.15 GMT |
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Sri Lanka, the 13th most expensive place to
build in Asia |
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Sri Lanka ranked 13th on the list of the most expensive countries in Asia to build, and are placed 55th in the World, according to the 2011 International Construction Cost Report released by built asset consultancy, EC Harris.
The report released by EC Harris has named Japan, Hong Kong and Singapore as the most expensive places in Asia to build and are amongst the world’s top twenty most expensive countries.
Tim Robinson, Head of Cost and Commercial Management in Asia at EC Harris, said: "We’ve seen construction prices in Hong Kong continue to rise due to the shortage of skilled labour, increased demand on commodities and increased construction output volume in the public and private markets. Some construction trades have seen their daily wages increase by 10%. The work performed in the public sector increased by 67% in 2010 and key construction commodity prices have continued to rise. These upward trends in construction costs are expected to continue over the next few years and will consequently affect construction prices in the near future. "
South Korea and Macau completed the top five most expensive countries across the region whilst China finished in seventh position and in 47th place overall. India and Sri Lanka were named the cheapest places to build in the survey both in Asia and the wider world as a whole.
Construction costs in Asian cities such as China, India, Vietnam and Indonesia offer a significant price advantage over European and Middle Eastern countries.
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