According to statistics related to the Construction Cost Index in Turkey issued by the Turkish Statistical Institute, the Construction Cost Index in Turkey increased during August 2023 by 4.62% compared to its value in July 2023.

Meanwhile, the increase in the Construction Cost Index for Turkey real estate reached 66.45%, compared to its value in the same month of the previous year, 2022.

Construction labor cost index rises by 113%:

In details related to the indices associated with the Construction Cost Index, the statistical figures issued by the Turkish Statistical Institute recorded an increase in the value of these indices.

The Construction Materials Index in Turkey during August 2023 increased by 5.82% compared to its value in the previous month, and by 52.18% compared to its value in August 2022.

The labor index during August this year increased by 1.92% compared to its value in the previous month, and by 113.27% compared to its value in the same month of last year, 2022.

Building construction index saw an annual increase of 65.5%:

Regarding building construction works, the statistical figures issued by the Turkish Statistical Institute recorded progress in the building construction index during August 2023 by 4.09% monthly, and by 65.48% over the previous year.

The building construction materials index saw a monthly increase of 5.15%, and the annual increase in this index reached 50.28% throughout the year before August 2023.

The monthly increase in the labor index related to building construction works was 1.83%, while the annual increase reached 113.11% over the year before August of this year.

The increase in the other construction works index reached 69.6%:

The index for construction works other than building construction increased during the eighth month by 6.3% in August 2023, while the annual increase in this index reached 69.61%.

The construction materials index associated with the aforementioned index also saw a monthly increase of 7.81%, and an annual increase of 57.99%.

The labor index related to construction works other than building construction during August 2023 saw a monthly increase of 2.26%, and the annual increase in this index reached 113.85% over the year.

Edited by: Imtilak Real Estate©

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