According to the latest figures released by the Turkish Statistics Institute (TurkStat) on Wednesday, the Building Construction Cost Index increased by 0.55 percent in the months of July, August and September of this year compared to the previous three months.
The index takes 2005 as the base year. The increase was also 0.55 percent when compared to the last quarter of the previous year. The increase in costs was dramatic when compared to the same period of 2008, showing a hike of 3.37 percent.
However, considering 12-month averages, the cost of constructing a new building had seen a 2.71 percent decline as of the end of the third quarter.
The rise in labor costs in the construction industry was somewhat less compared to the rise in the price of construction materials. The index value for labor costs climbed by only 0.46 percent, whereas it increased by 0.58 percent in the materials index.
Labor costs were 1.09 percent higher in the third quarter compared to the same period of the previous year, while material costs index fell by 4.68 percent.
