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Bulgaria Ranked 1st in Europe by Low Construction Cost
Date: 27/08/2011
Bulgaria Ranked 1st in Europe by Low Construction Cost

Building construction in Bulgaria is the cheapest in Europe, according to a comparative analysis of the EC Harris company, specializing in construction consulting.

The Bulgarian Trud (Labor) daily writes Saturday, citing the analysis, that expenses for construction in Bulgaria are anywhere between 38% and 66% from those in Southeastern UK, which was used as basis.

The study takes into account the price of construction material and labor expenses. Values in Bulgaria vary since buildings are divided in 44 categories, such as offices, stores, logistics facilities, hotels, residencies etc.

Globally, Bulgaria is also among the countries with the cheapest construction in the world. From all 56 countries, subject to the study, only some African ones such as Ghana, Morocco, and Tunisia, and some Asian – China, Indonesia, Malaysia, the Philippines and Vietnam, have expenses lower than the ones in Bulgaria.

The top three by the lowest construction cost are Taiwan, India and Shri Lanka where one building can end up being 4 times cheaper than one in Southeastern UK.

Labor in the sector is the cheapest in Pakistan and India.

Construction is the most expensive in Switzerland.

Cost depends a lot on the prices of steel, copper, and oil.

Experts say the fact Bulgaria is in the bottom in the Old Continent by construction cost does not have such importance for investors as qualified labor and good infrastructure.

Investments in shopping malls depend on the purchasing power of the population while for office buildings the most important factors are the overall state of the economy and the ratio between supply and demand.

Topic: Real Estate

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