Construction Materials Continue to Increase in Price

Construction materials are continuing to rise in price at a rapid pace. Prices for one of the key components, reinforced concrete rebar, have increased by 70% over the past two years.

In April 2024, the construction cost index rose by 2.12% compared to the previous month and by 71.80% compared to the same month last year. The cost of producing construction materials has surged by 400%.

For instance, in the spring of 2022, the price of construction steel was 14,000 TL, and the cost of producing one cubic meter was around 35 TL. Currently, the price of steel has risen to 24,000 TL, and its production cost is now 175 TL. Steel has seen one of the highest price differences between the raw material cost and the production cost over the last two years.

This significant increase in the cost of construction materials is impacting the overall expense of building projects, making it more challenging for developers and increasing the final prices for buyers.

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