Construction materials have increased several times in the past year, and will increase again after the Lunar New Year!
It is understood that various types of construction materials have been raised at least three times in the past year, and the current overall rate of increase is about 20%. Construction materials are likely to be adjusted after the Lunar New Year, the rate of increase will range from 5 to 10%.
Construction materials affected by the price increase include steel, plaster, aluminum, red brick and hardwood. Plastic water pipes, electrical wires and other building materials are also increasing in price.
For a kitchen with a space of about 10 feet, the cost of basic renovation in previous years was only about RM6500, but this year it is about RM7800.
The increase in the price of building materials is closely related to the increase in the price of commodities worldwide, which is also related to the increase in the price of freight. If you are planning to renovate or expand your house after the Lunar New Year, then you should be prepared that you may face a big increase in building materials.
