CONSTRUCTION COSTS SEE A RECORD HIGH

The Construction Cost Index (CCI) broke a record, jumping 48.87% in November 2021 compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat). The CCI also rose by 7.94% monthly. The material index surged by 10.71% and the labor index increased by 0.25% in November, compared to the previous month. The material index climbed by 60.13% and the labor index surged by 22.5% in November on an annual basis. The CCI for civil engineering increased by 8.51% monthly and 49.15% annually. Buying a house is but a dream for low-income earners under these conditions. The construction industry may experience a crisis if middle-income earners stop buying homes, according to experts.