BANGKOK, April 19 (Xinhua) -- Thailand's residential construction costs rose 2.3 percent from a year earlier in the first quarter of 2024 due to higher prices, mostly for architectural works, data showed on Friday.
According to the Government Housing Bank's Real Estate Information Center (REIC), the home construction cost index stood at 137.5 in the first three months of this year, a 2.2 percent rise from the previous quarter, indicating a continued upward trend with a slight increase.
The cost of building materials dropped in the January-March period, with the exception of wood and wood products, which jumped by 7.2 percent year on year, the REIC said in a statement.
Meanwhile, the cost of labor soared by 6.1 percent owing to the minimum wage hike that took effect in January.
The reading is calculated from construction costs based on a two-story house with a usable area of 169 square meters, assuming a construction duration of 180 days, including operational costs and value-added tax, but excluding land prices and land development costs. ■
