After growing at a rate of 20% year-on-year over the past few years, overall construction costs are expected to fall.

Construction costs will fall by a further 10% next year as activity slows across the world and liquidity restrictions threaten the feasibility of local projects.

Contractors will also become more aggressive in their search for work, according to EC Harris, the UK-based construction consultancy firm.

After growing at a rate of 20 per cent year-on-year over the past few years, overall construction costs are expected to decline further next year after falling steadily in recent months.

The National