Monday, 07 Feb 2011
According to sector representatives, real estate prices in Turkey are expected to increase by as much as 20% in the near future due to the rising cost of cement and iron over the past year.
Mr Ali Agaoglu chairman of the Agaoglu Group said that "If this situation continues, we will be obliged to reflect the costs in house prices.”
According to companies, the trouble instead stemmed from the 33% in cement costs and the 44 rise in iron prices. Domestic rebar prices at the end January was in the range of USD 670 per tonne to USD 690 per tonne. The rising costs are likely hike house prices by between 10% and 20% as of May this year.
Mr Ismail Durak an executive from Turkey’s leading iron and steel producer, Kardemir said that Cement and iron and steel producers, however, said they were not to blame for the current situation. The price hike in iron stems from scrap prices.
(sourced:Hurriyet Daily News)
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