In November 2024, the Construction Cost Index (CCI) declined by 0.4 percent compared to the previous month, as reported by the National Statistics Service (GeoStat).

GeoStat attributes this decrease primarily to a 2.7 percent reduction in the average monthly nominal wages of employees in the construction sector, which accounted for a -0.53 percentage point contribution to the overall index change. However, on an annual basis, the CCI increased by 5.5 percent compared to November 2023. This rise was predominantly driven by a 24.8 percent increase in the average monthly nominal wages of construction sector employees and a 3.0 percent rise in the prices of construction materials, contributing 3.82 and 1.81 percentage points to the total index change, respectively.

Additionally, the Construction Cost Index has recorded a cumulative increase of 19.6 percent since February 2022.