Insight - Curbing the rise in building material prices

Price factor: Workers at a construction site in Kuala Lumpur. Rising raw material prices have created a domino effect by significantly increasing the value of contracts in the property development industry by 10% to 20%. — Reuters

PRICES of building materials began to rise in late 2020, just as Covid-19 vaccines were approved and ready for human use, which signalled the reopening of the economy.

From January to August last year, the cost index for building materials had increased by as much as 19% on the anticipated recovery of the economy and rising global market prices.