Home construction costs around the world
House Construction Costs of Developed Nations VS. Developing Nations
According to the findings of a research that’s presented in this infographic, an average standard high-rise apartment in Singapore would cost you around the range of $122.63 to $139.35 USD per square foot. This is quite close to the price of $150 USD per square foot that exists in the U.S. However, house construction costs in other developed nations like UK, Hong Kong and even the Macau city of China far exceed the house construction costs within the U.S. Singapore’s high price range marks it on the map as one of the most expensive cities of Southeast Asia to reside in, almost equating close to the price range of Seoul, Korea. So, why does constructing a house in a developed nation like Singapore, cost so much more than constructing one in Beijing? Read on to find out.
Why prices are cheaper in developing countries ?
Mass Quantity of Houses over Quality
A prevalent trait of housing structures in these low priced developing cities of Asia that you’ll find is that houses are built in mass units. The prices of these houses are controlled through the use of similar low quality materials and minimum resources. This mass quantity house construction approach becomes more evident when you consider the latest news of the mass housing project feasibility study agreement between the city government of Makati and the Chinese realty developer.
Cheap Labor Employment
Countries like China are renowned in the world for having cheap labor. Employing cheap labor in constructing houses can easily bring down some of the major associated expenses. The highest paid labor in China is in the construction sector with maximum earnings of about 3,508 Yuan (USD 522) per month. Poor quality, fragile buildings that were constructed took a heavy toll when the 2008 earthquake in Sichuan province took the lives of 87 thousand people.
Singapore faces a unique situation as a developed country because the government has been actively instituting policies to curb demand. As per Bloomberg, Singapore’s housing costs have been declining for as far back as 13 quarters successively. This makes housing very affordable for Singaporeans.
Choose Security and High Quality over Low Price
Developed megacities around the world accommodate more detailed, modern and sustainable houses because of which you’ll find the price of constructing houses to be quite high. One of the major advantages of constructing a house in Singapore is that you’ll have Green Technology. This will allow you to install solar energy or other renewable sources of energy if you’re constructing a house in Singapore. Since the 2000s, the features of American homes have become more sophisticated and convenient. The decades of the new millennium brought water systems like infinity edge pools, surround sound home audio systems, natural elements like natural light exposure as well as supreme artisanship with hand-scraped or hand-textured walls and floors.
Article contributed by Redbrick Mortgage, a Mortgage Advisory in Singapore