Construction Boom to Slow

• 22 July 2016
• Local News
• 3901 Views

font-family:”PT Sans”,”sans-serif”;mso-bidi-font-family:”PT Sans”;color:black”>Despite seeing investment grow by a record-breaking 200 percent over the last year, the government has warned that the construction boom will slow down over the next five years.

“PT Sans”;color:black”>The Ministry of Economy and Finance has pointed to an oversupply of building space and a decreasing demand for new properties as the key factors in the contraction.

“PT Sans”;color:black”>Figures from the ministry indicate that growth will contract to 15 percent in 2016 down from 19 percent in 2015. 2017 will see growth of 12.4 percent and 2018 growth of 10.3 percent while by 2019 growth will have shrunk to 10 percent.

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color:black”>Ministry and industry experts have generally conceded that economic growth overall will remain healthy and the construction slowdown simply reflects the sector becoming more balanced and healthy.