Building costs in South Africa are rocketing, according to a new report released by Industry Insight.
Average building costs increased by 19.1% year on year during the third quarter of 2006, compared with an annual increase of 11.4% in the second quarter and 5.2% in the first quarter.
The increase was based on more than 60 projects awarded in Gauteng, the Western Cape and KwaZulu-Natal.
Profitability has come under pressure because of the continued rise in input costs, with the availability of material playing a key role in the final determination of the price.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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