A property report issued by EC Harris firm has ranked Saudi Arabia in the third place between other GCC countries in respect of construction costs.
The report included studying the construction costs in 43 countries around the world. Properties construction costs is related to many other factors like inflation rate and main commodities prices.
Hisham Malaika, head of KSA properties in EC Harris, mentioned that the Saudi properties market, same as many other markets in the region, was less affected by international economic impacts like prices and currencies fluctuations.
Construction costs in GCC area is considered modest to some extent, despite the rising authorities’ expenditure in massive infrastructure projects like GCC train project aimed to link GCC countries together. Malika added that K.S.A, in addition to Qatar and AbuDbai, is considered the most committed government to supporting real estate development projects.
According to the report, Switzerland came first in respect of construction costs, while European area remained topping all global area in the same respect.