Due to external trade tensions and ongoing local unrest, 2019 has been a challenging year for the construction and property market in Hong Kong SAR. We expect this adverse impact to the industry to carry over into early 2020. When circumstances improve, the construction and property market will likely focus on recovering from the contraction, while proceeding with caution in regards to projecting for any substantial growth.
The construction, property and engineering industries are poised to benefit from incoming Chinese investments into the Belt and Road Initiative as well as developments in the Greater Bay Area (GBA). Large-scale infrastructure projects such as the Third Runway, East Lantau Metropolis and the Central Kowloon Route are expected to help the city integrate better into the GBA.
2020 labour and salary trends for construction, property & engineering professionals.
With the upcoming residential developments and revitalisation projects in the works, professionals in construction and engineering industries are likely to see sustained talent demand in 2020.
To facilitate these developments, project managers in the architecture and building surveying fields are expected to be highly sought-after in 2020. Companies are also seeking building engineers with experience in site-based and construction management to support existing and upcoming building projects.
Despite having a more promising growth in 2020, candidates are placing a greater emphasis on job security while sourcing for new career opportunities. To minimise the risk of job redundancy, candidates are increasingly looking for employers with steady project pipelines and strong industry reputation.
Professionals in Hong Kong SAR’s construction and property industries can anticipate a higher salary in 2020 when they change employers. Candidates may see a 10% to 15% salary increment with their new employer.
key highlights in this year’s construction, property & engineering market outlook.
- summary of policies mitigating property prices to boost market activities
- highly-targeted in-demand jobs and skills in the construction and engineering space
- salary snapshots for more than 60 positions in construction, property and engineering