Japan, Hong Kong and Singapore are the most expensive places in Asia to build and are amongst the world’s top twenty most expensive countries, according to the 2011 International Construction Cost Report released by built asset consultancy, EC Harris. 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.
These upward trends in construction costs are expected to continue over the next few years.” 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. The global report found that overall Switzerland was the most expensive country in which to build with costs approx 90% higher than Hong Kong. Australia and New Zealand, also figured in the top twenty most expensive countries, with Australia placed in joint fifth position overall, whilst New Zealand finished in 15th position.