According to the Turkish Institute of Statistics (TÜIK) and Emlakkulisi, the cost of construction continues to rise. Estimates suggest that the construction cost index rose by 1.94% in December 2023 marking a 67.31% increase from December 2022.
The so-called Labour Index increased by almost 2% in a month and by 111.62% in a year.
The price index for materials grew by 0.83% in a month and by 59.18% in 12 months.
As analysts reported, the construction cost index rose by 1.87% a month earlier, in November, compared to October and by 66.06% by November 2022.
Housing prices rose by 83% on average in the country by the end of November. So, buyers' hopes for lower prices for residential real estate in Turkey have not come true.