The cost of building houses in Thailand is seeing a spike due to rising energy and steel prices driven by the armed conflict in Ukraine. The Government Housing Bank (GHB) said construction costs rose 5.3% in just the first quarter of this year.
Vichai Viratkapan, acting director-general of the GHB’s Real Estate Information Center (REIC), said steel prices increased 35% year on year in the first quarter, as both Russia and Ukraine are among the world’s biggest steel producers with a combined 14% global market share.
Other construction materials across the board have also seen price increases, including a 4.6% climb for wood, 6.8% for concrete, and 6.6% for electronics and plumbing equipment.
Compensation for engineering and architectural work has also been rising. Structural engineers, for example, have seen a 12% increase in pay. Electrical and communications system planners and architectural designers have meanwhile seen 7.4% and 2.6% pay increases, respectively, when compared to the same period last year. (NNT)
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