The annual rate of increase in construction costs decreased to 47.95 percent.

The Turkish Statistical Institute (TUIK) announced the construction cost index for May 2023.

Consequently, the construction cost index increased 47.95 percent annually and 0.54 percent monthly in May. Thus, the fall in the increase in construction costs continued. Construction costs rose 52.99 percent year-on-year in the previous month.

In May 2023, the construction cost index increased 0.54 percent from the previous month and 47.95 percent from the same month of the previous year. Compared with the previous month, the material index increased 0.28 percent and the labor index increased 1.23 percent. In addition, the material index increased by 33.55 percent and the labor index increased by 104.83 percent compared to the same month of the previous year.

BUILDING CONSTRUCTION COST

The building construction cost index increased 0.77 percent from the previous month and 49.97 percent from the same month a year earlier.

Compared with the previous month, the material index increased 0.60 percent and the labor index increased 1.17 percent. In addition, the material index increased by 35.38 percent and the labor index increased by 105.27 percent with respect to the same month of the previous year.

EXTERIOR BUILDINGS

The non-building structure construction cost index decreased 0.22 percent from the prior month and increased 41.50 percent from the same month of the prior year.

Compared with the previous month, the material index decreased 0.78 percent and the labor index increased 1.42 percent. In addition, the material index increased by 27.93 percent and the labor index increased by 103.18 percent with respect to the same month of the previous year.