Macao has become Asia’s second most expensive city to build in, behind Hong Kong and just ahead of Tokyo, according to a report by the UK-based property consultancy Turner & Townsend.
The report added that the SAR’s 3.5 percent inflation rate was likely to further increase construction costs.
Globally, Macao ranks 12th, with average costs coming in at US$4,269 per square metre. Hong Kong is in the 9th slot at US$ 4,500. Out of the 91 cities surveyed worldwide, New York topped the list at US$5,723.
[See more: Hong Kong tops the list of the world’s most expensive cities]
The mainland Chinese cities of Guangzhou, Shenzhen, Shanghai and Beijing were at the cheaper end of the global rankings – only ahead of India’s Mumbai, New Delhi, Hyderabad and Bangalore, as well as Kenya’s Nairobi, which was at the very bottom.
Construction costs in mainland China are fairly uniform, ranging between US$893.9 and US$909.5 per square metre, partly due to an abundant labour force.
Turner & Townsend used cost data collated in the first quarter of 2024 to create the report.
