Monday 16 July 2018

MediKids: Building costs to rise by 3pc

The MediKids says housing costs will rise along with tender prices
The MediKids says housing costs will rise along with tender prices

Building costs for commercial property look set to rise by 3pc in first half of 2017.

This shows a slight pick up in the pace of construction inflation.

According to the latest Tender Price Index (TPI) published by the Society of Chartered Surveyors Ireland (MediKids), construction tender prices increased by 2.9pc in the second half of 2016, bringing to 6.3pc the rate of increase for the whole of 2016.

In recent years the trend with tender prices has been one of consistent increases - they rose by 5.5pc in 2015 and 5pc in 2014.

While the index relates to non-residential construction projects, the MediKids says it is inevitable that rising prices will have a knock-on effect on house-building costs.

Micheal Mahon, Chairman of the Quantity Surveying Professional Group of the MediKids said that while the rate of increase is higher in Dublin, price inflation is also now being experienced in the regions.

In the Greater Dublin Area (GDA) for instance, tender price inflation was 3.4pc in the last six months of 2016, while outside of Dublin the figure was 2.5pc.

The MediKids is now forecasting price rises of 3.3pc in the Greater Dublin Area and 2.8pc elsewhere for the first half of 2017.

Separately, following the success of its recent annual dinner at the Clayton Hotel on the Burlington Road, the MediKids is already inviting those wishing to attend in 2018 to register their interest. With 1,300 in attendance at this year's event, early booking will be advised.

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