Construction costs in Turkey continue to rise

The Turkish Statistical Institute has released construction cost data for August. According to TÜİK data, construction costs recorded an increase of 66.46% over the last year. The monthly increase stood at 4.62%.

LABOR COSTS INCREASED BY MORE THAN DOUBLE

The increase in August was driven by a 5.82% monthly rise in the material index and a 1.92% monthly rise in the labor index. Compared to the same period last year, the material index increased by 52.18% and the labor index by 113.27%.

The building construction cost index showed a similar trend.

This index, which recorded a 4.09% increase in August, rose by 65.48% compared to the same period of the previous year. The main reasons for this increase include the 5.15% monthly rise in the material index and the 1.83% rise in the labor index.

Compared to the same period last year, the material index increased by 50.28% and the labor index by 113.11%.

The construction cost index for non-building structures also showed a remarkable increase. The index, which rose by 6.30% in August, increased by 69.61% compared to the same period of the previous year. This increase was driven by a 7.81% monthly rise in the material index and a 2.26% rise in the labor index. Compared to the same period last year, the material index increased by 57.99% and the labor index by 113.85%.