The annual rate of increase in construction costs decreased to 60 percent

According to TURKSTAT, the construction cost index increased by 2.16 percent in March 2023 compared to the previous month and 60.70 percent compared to the same month of the previous year.

Compared with the previous month, the material index increased 2.31 percent and the labor index increased 1.76 percent. In addition, the material index increased by 48.21 percent and the labor index increased by 105.09 percent with respect to the same month of the previous year.

The building construction cost index increased 2.04 percent from the previous month and increased 62.94 percent from the same month a year earlier. Compared with the previous month, the material index increased 2.19 percent and the labor index increased 1.68 percent. In addition, the material index increased by 50.49 percent and the labor index increased by 105.16 percent compared to the same month of the previous year.

The non-building structure construction cost index increased 2.54 percent from the prior month and increased 53.57 percent from the same month of the prior year. Compared with the previous month, the material index increased 2.71 percent and the labor index increased 2.06 percent. In addition, the material index increased by 41.27 percent and the labor index increased by 104.83 percent compared to the same month of the previous year.