Global survey by EC Harris shows that costs are significantly higher than many European countries
The UK is one of the most expensive places to build in the world, ranking higher than its close European neighbours France and Germany.
According to a global survey by consultant EC Harris costs in this country 20% higher than France and Germany, and more than double many Eastern European states.
The data ranks the UK as the fifth most expensive country for construction projects after Denmark, Switzerland, Ireland and Sweden.
EC Harris, which collected the data from its offices worldwide, also found that many of the newer EU member states have experienced strong growth over the last year. Countries such as Bulgaria and Poland showing building cost inflation at 20% to 30%.
In a foreword to the research, Mike Pearce, EC Harris’
Head of Property Sector in Europe said:
“Building cost escalation in Western Europe, US, Australia and Japan is showing a marked slowdown, especially in the private residential and commercial sectors, where investors are increasingly cautious.
“However, parts of the Middle East and Eastern Europe continue to experience double-digit tender price inflation, partly fuelled by the enlargement of the EU.”