Kuwait witnesses hike in prices of construction materials
The huge rise in the prices of construction materials has affected the building of houses, with some citizens freezing the construction of their properties, while others have speeded up work over worries about further price increases.
Meanwhile, the COVID-19 pandemic and increase in residency costs for workers in Kuwait have resulted in a labour shortage, leading to a huge rise in the daily wages of workers.
The increase in construction material prices started during the pandemic at only 5 percent. Today, prices have increased by more than 25 percent, and in some cases, they have doubled. Prices rose the highest before Ramadan.
Prices of survey materials increased three times since March, while National Industries have increased prices of materials and reduced the supply to restrict 90 percent of these for new residential projects. The fees for customs clearance tripled in a very short time from $900 to $3,000 per shipment.
