According to Rider Levett Bucknall's International Construction Cost Commentary, Asian cities have experienced a surge in construction costs just as the credit crunch has weighed on the property industry in western capitals.
Rider Levett Bucknall predicts prices in Singapore-12 per cent above Sydney-would grow up to a further 20 per cent this year.
The world's most expensive cities were New York, London, Honolulu, San Francisco and Manchester while the four cheapest were all in China, including Beijing and Shanghai.
Rider Levett Bucknall's Global Chairman, Mr Brian Dackers, commented on the report:
"Global growth is forecast to slow markedly this year, with the US economy bumping along the bottom of its cycle before a projected recovery next year. Meanwhile, the emerging economies are becoming increasingly integrated in the global economic scene and are making strides towards becoming major players."
To read the full article click here