Bulgaria is among the ten cheapest states for construction in the world, according to consultancy firm EC Harris. Bulgaria ranks 6th in cheapest construction destination and 42nd for construction costs.
The cheapest destination for building is India, followed by Indonesia, Vietnam, Morocco and Malaysia. A position behind Bulgaria is Bosnia and Herzegovina, and Romania is the tenth cheapest destination for construction in the world.
Hong Kong, on the other hand, has the most expensive construction market in the world. Among the top 10 most expensive construction destinations are also five European countries – Switzerland ranks second, Denmark third, Sweden fourth, France 8th and Belgium 10th.
Macau is rated by the company on the 5th place, Australia – 6th, Japan – 7th and Singapore – 9th.
Although the economies of developing countries are slowing,and the recovery in developed countries is lagging behind, experts predict growth in the construction industry worldwide. They also say that by 2025 the volume of construction output will grow by 70% to 15 trillion dollars.
Growth is also expected to be concentrated in the developing economies, which by 2025 will contribute with 63% to the global construction output. For comparison – in 2012 their share was 52%.