Iron price, increase up to 40% - Builders Association warns of rising apartment prices
Uncertainty in international markets and tensions in the Middle East have dealt the first direct blow to the Albanian economy. Although the impact began with fuels, the wave of price increases has quickly reached the construction sector, putting construction sites on alert. In an interview with Tv Scan, the Executive Director of the Albanian Builders Association Erjon Harizi warned that iron will increase in price by up to 40%.
"Cost increases certainly have, have begun. Oil is, let's say, the commodity that is most sensitive to these fluctuations, and certainly within two weeks the price of oil has increased by about 15-20%. Duralumin has also experienced a significant increase, so an increase of over 5 to 8% has occurred for duralumin, for plastics in general. And another main item in the construction sector is the price of iron, where within the last two weeks the price of iron has a tendency to increase by about 5% per week. And with this rate of increase in the price of iron, certainly the day is near when the price of iron could be even 40% more expensive than it is today. And then other derivatives such as the price of cement, concrete and labor are apparently inevitable to move."
This pressure on production costs is expected to shift the balance of the real estate market, heralding an inevitable increase in prices per square meter.
"Automatically this increases the cost of apartments. All these materials are an integral part of our cost, of a square meter of construction. They are inevitable and the increase in cost certainly brings about an increase in price. It puts us in financial difficulties and with this increase in costs we say that the price of sales or various commercial units should also theoretically increase. Despite the fact that it is demand and supply that sets the price, but the cost has increased, the price should automatically be increasing continuously."
In this new equation of difficulties, where raw material costs dictate the pace of construction sites, it remains to be seen whether the market will find a point of equilibrium or whether apartment prices will continue to break new records.
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