Turkish Construction Costs Rose 19.49 Per Cent Year-on-year, Driven By Currency Growth
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Due to the increase in exchange rates, construction costs increased by 2.99 percent in October compared to the previous month and by 19.49 percent compared to the same month of the previous year. The annual increase in material costs exceeded 22 percent.
- The increase in exchange rates, along with material prices, has also pushed up construction costs in Turkey.
- According to Turkish Statistical Institute (TurkStat) data, the Turkish construction cost index increased by 2.99 percent in October 2020 compared to the previous month, and by 19.49 percent compared to the same month of the previous year.
- Compared to the previous month, the materials index rose 4.01 percent and the labor index rose 0.75 percent. In addition, compared to the same month of the previous year, the materials index increased by 22.08 percent, and the labor index increased by 14.02 percent in Turkey.
Turkey Building Construction Costs Up 19.34 Per Cent Yearly
- The building construction cost index in Turkey increased by 2.94 percent from the previous month and by 19.34 percent from the same month a year earlier. Compared to the previous month, the materials index rose 4.00 percent and the labor index rose 0.67 percent. In addition, compared to the same month of the previous year, the materials index increased by 21.81 percent, and the labor index increased by 14.23 percent.
- The construction cost index for Turkish non-building structures increased by 3.16 percent from the previous month and by 20.01 percent from the same month a year earlier. Compared to the previous month, the materials index rose 4.02 percent and the labor index rose 1.05 percent. In addition, compared to the same month of the previous year, the materials index increased by 22.96 percent, and the labor index increased by 13.27 percent.
