EC Harris, one of the main real estate consultancy companies that works at an international level with its headquarters in London has compiled a study of the most expensive construction costs per country worldwide.
The title of the most expensive construction costs in the world is rewarded to Hong Kong, quickly followed by Switzerland, Denmark, and Sweden.
In effect, according to the report drawn up by EC Harris which measures costs in 47 countries, the building costs in Hong Kong have surpassed more than 50% of the costs historically the most expensive in the UK, that subsequently endured unfavorable circumstances such as the devaluation of the Sterling.
The suspension of fixed term work of the production of the modern district West Kowloon is an alarming example of the result of the high construction costs that Hong Kong is subject to.
West Kowloon, was designed to become the biggest railroad intersection in the world, capable of easily connecting the city with the national network at high speed. However, unfortunately due to the extremely high costs that were not estimated, it has been put on hold for now.
According to the most important experts in the sector this increase in costs is chiefly attributed to the increase in value of the local Chinese currency that consequently renders imported materials more expensive, resulting in Hong Kong ranking first place in this classification.
The report in question also draws light on the following countries, India, Indonesia and Vietnam, resulting as the more inexpensive for construction.