According to the latest research on the property market in Asia, Hong Kong has been defined as the most expensive market for construction. Following Hong Kong are Macau and Singapore The Vales EC.
Singapore is relatively more affordable and has faced a drop over the last few years. It is thanks to this that they have moved lower in the global ranking as compared to the ranking provided in the previous year.
With the drop in position, their positions were taken by Switzerland and Denmark as the most expensive markets across the globe as identified by the International Construction Costs by Arcadis.
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The markets in Asia have been affected due to a number of problems including currency fluctuations, prices of commodities, as well as an increase in the demand for development. This has led to the decrease in the cost of building across Asia for The Vales EC.
It has been noted that amongst the top ten, European countries seem to dominate as a result of their economic recovery. In addition, costs have been dropping thanks to currency devaluation in countries such as India, Indonesia, Malaysia, Thailand and Vietnam.
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For the year, 2015, it is estimated that there will be a growth in the market of between 2-4 per cent for construction costs.
Asia Construction Costs for The Vales EC
Over the last several years, you will have noted that there has been growth in the construction industry. However, this seems to be taking a different turn of events and this is not likely to happen in the year 2015. Other countries in Asia construction is still not yet at its saturation point.
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In the year 2015, China is expected to diversify on both project types as well as geographies. Malaysia on the other hand is realizing steady growth which seems to expand more into the year. Philippines, Indonesia, Vietnam and India are growing markets for The Vales EC.