Construction cost index in Turkey in January 2023 increased by 15.32% compared to the previous month. On an annualized basis, it showed an increase of 78.52%. Such data was published by the Turkish Statistical Institute (TÜİK).
The building materials cost index rose by 69% y/y and by 5.79% m/m. The labor cost index showed the greatest growth: it increased by 47.79% compared to December. And compared to the same month last year, this number increased by 106.95%.
In general, the index of costs for the construction of residential real estate increased by 79.5% over the year.
The cost of construction directly affects housing prices.
