It is understood that the world economy is in a recovery phase and demand for various construction materials has increased significantly, coupled with the ongoing conflict between Russia and Ukraine and soaring international crude oil prices, resulting in construction building materials soaring by more than 30%.
So far this year, iron bars required for construction have increased by over 30%, stone by over 20%, timber and ash by over 10% each, and metal products continue to rise sharply.
With construction material prices rising sharply, developers have no choice but to pass on the cost to consumers and property prices are expected to rise by at least 10%, with more serious increases to come. For those properties already under contract, prices cannot be changed and will have to be borne by the developers themselves.
As for new property schemes, prices are sure to rise significantly, so those looking to buy property in the near future should be prepared.
