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Dubai construction cost indicator falls

The indicator for construction costs in Dubai fell by 0.37% in 2015, Gulf News has reported. 18 Feb 2016

According to a report from the Dubai Statistics Centre the indicator for 2015 was 100.6, partly due to a drop in the cost of raw materials, where the indicator fell 0.89% year on year from 99.62 to 98.73, Gulf News said,

The price of raw materials for residential buildings fell by less than those for non-residential buildings, at 0.84% and 1.12% respectively, Gulf News said.

The cost of quarry materials rose 1.54%, due to the rise in price for stones, sand and gravel, while the cost of wood and wood products other than furniture fell by 1.16% over the previous year, it said.

The indicator for equipment, labour and other costs rose in 2015, from 103 in 2014 to 103.41 in 2015, the report said.

An annual GCC construction survey by Pinsent Masons, the law firm behind suggested in December that there has been a fall in optimism in the GCC construction industry  over the past year, but that the UAE and Qatar are the most positively viewed markets.

According to Arcadis, construction costs in Qatar are the highest in the Gulf Cooperation Council (GCC) region and 12th worldwide, with Dubai in 18th place worldwide.

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