Labour costs in the real estate sector in Turkey have shown a consistent upward trend from 2013 to 2023. Despite some fluctuations in the year-on-year growth, the compound annual growth rate (CAGR) for labour costs increased significantly, peaking at 21.56% in 2019 before stabilizing to 7.82% in 2023. The costs are projected to continue rising, reaching 11.1 billion New Turkish Liras by 2028 with a forecasted 5-year CAGR of 3.22% and an overall growth rate of 17.16%.
Future trends to watch for include the impact of inflation on labour costs, potential shifts in the supply-demand dynamics of skilled labor, and regulatory changes in the real estate market. Monitoring these factors will be crucial for anticipating future costs and making informed investment decisions.
