Despite a bustling construction market, Turner & Townsend points out that Asia’s real estate sector faces challenges in the form of tight availability of land and the rising cost of construction.

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The annual International Construction Market Survey by consulting firm Turner & Townsend has charted the average construction cost per sqm for commercial, residential and industrial projects in 89 markets worldwide. Results show that Asia’s real estate sector is buoyant, despite the mixed economic conditions in the area.

Tokyo and Osaka, in particular, are some of the priciest cities for construction, with Tokyo priced at US$4,567 ($6,167) per sq m and Osaka at US$4,497 per sq m. Globally, Tokyo has the fifth highest construction cost and Osaka the sixth.

In tenth position globally with an average construction cost of US$4,292 per sqm, Hong Kong’s construction sector has seen high rates of escalation. Notably, Singapore edges up in fourth place in Asia and thirty-first globally with an average cost of US$3,307 per sqm. Turner & Townsend also predicts that construction costs will remain high in Singapore for the next few years, with a growth rate of 8% predicted for the year 2023.

This is due to Singapore’s robust pipeline of construction projects, including those from the public housing, infrastructure, and commercial industries, as well as the emerging biomedical sector. Japan has also seen a positive trend in construction activity, with the many projects leading up to the World Expo in Osaka in 2025. The lifting of Covid-19 restrictions in Hong Kong and Mainland China will further improve the construction industry in these areas.

Turner & Townsend states that India, Indonesia, Malaysia, Vietnam, and the Philippines are seeing a warming up in construction activity, with significant investments in real estate and the growing expansion of data centres, manufacturing, and life sciences.

Despite the bustling construction market, some of the challenges faced in Asia include the tight availability of land and the rising cost of construction materials and labour. Nevertheless, the firm believes that Asia’s substantial and ambitious market economy will attract a continuous flow of investment in industrial, science and technology, healthcare, transportation, and real estate developments.