Record Increase in Construction Costs

Record Increase in Construction Costs
Record Increase in Construction Costs

Turkish Statistical Institute (TUIK) announced the construction cost index data for the period of November 2021. Accordingly, the construction cost index increased by 2021 percent monthly and 7,94 percent annually in November 48,87.

rose 48 percent

Real Estate Broker Songül Özsan, who gave information about the TÜİK data, said, "The material index increased by 60,13 percent and the workmanship index increased by 22,50 percent compared to the same month of the previous year. Building construction cost index increased by 7,77 percent compared to the previous month in November last year and by 48,79 percent compared to the same month of the previous year. Compared to the previous month, the material index increased by 10,54 percent and the labor index increased by 0,26 percent. In addition, the material index increased by 60,29 percent and the labor index increased by 22,55 percent compared to the same month of the previous year.

Investors are struggling

Stating that investors have difficulty in building new housing due to increasing prices, Özsan said, “There have been great increases in the last 1 year. Although the exchange rate fell, prices did not decrease at the same rate. This forces investors to build new houses," he said.

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